CNPAV invites CMOC to disclose all data relating to the mining reserves of the Tenke Fungurume Mining project

For lack of transparency on the data relating to the reserves of the Tenke Fungurume project (TFM) towards Gécamines, the Congo Campaign is not for sale (CNPAV) invites CMOC to disclose all the data relating to the mining reserves of the Tenke Fungurume Mining project.

According to the CNPAV consortium, the publication of these data will facilitate the calculation and payment to Gécamines of additional royalties on additional reserves discovered in accordance with amendment 1 of the mining agreement.

In a press release published on Wednesday July 7, the CNPAV collective indicated that it is closely following the conflict between Gécamines and CMOC (shareholders
of the Tenke Fungurume Mining (TFM) project regarding the quantity of
mining reserves and the payment of additional royalties to Gécamines on the
additional discovered copper reserves.

The CNPAV thus calls on CMOC to make available to Gécamines and the Congolese Government all data relating to mining reserves, in particular the additional proven and probable reserves discovered, and to facilitate the payment by TFM of subsequent additional royalties to Gécamines following the terms of article 4 of amendment 1 of the mining agreement.

According to information collected by member organizations of CNPAV, the shareholder CMOC has, for several years, underestimated TFM’s mineral reserves to avoid paying additional royalties to Gécamines, half of which is intended for the Treasury of the Democratic Republic of Congo.

The CNPAV denounces the lack of transparency on the part of CMOC on the data relating to the reserves of the TFM project vis-à-vis its partner Gécamines and the non-payment of additional royalties for several years.

This Congolese civil society organization says it fears that the persistence of this conflict, having already led to the suspension of the marketing and export of TFM’s mining products, could negatively impact the revenues of the State, of the entities infra -national, the local workforce as well as the economy of the DRC.

Thus, the CNPAV reminds the Congolese State and Gécamines that the additional royalties due within the framework of the TFM project must be allocated to projects of national interest and to the recovery of Gécamines, through the improvement of its production tool.