DRC seeks increased stakes in Cobalt and Copper ventures with Chinese corporations
The Democratic Republic of the Congo plans to increase its interest in a cobalt and copper joint venture with Chinese corporations from 32% to 70%, citing worries that the pact hands away too much of Congo’s resources for little value to the country.
Congo claims that the asymmetrical agreement gives it little influence over the venture’s activities since its resources and earnings leave the nation.
In March President Felix Tshisekedi established an ad hoc panel to harmonize the negotiation positions of the Congolese institutions in charge of overseeing the deal’s implementation.
The General Inspection of Finance (IGF), the Agency for Supervision, Coordination and Monitoring of Collaboration Agreements signed between the Democratic Republic of the Congo and Private Partners, the state miner Gecamines, and representatives of the presidency, government, state auditor, and civil society were all represented on the commission.
Two-panel members who were not permitted to speak in public affirmed the veracity of the document and the findings that had not yet been publicized. According to the sources, Congo’s discussions with the Chinese enterprises would be based on the conclusions.
Requests for a response from China Railway Group Limited and Power Construction Corporation of China, better known as Sinohydro, went unanswered.
However, the commission noted that Congo is looking forward to a 60% stake in Sicomines for Gecamines and its subsidiary, a non-dilutable 10% stake for the state, and 30% for the Chinese enterprises.
