"Congo reviewing $6 bln mining deal with Chinese investors", 30 August 2021

Democratic Republic of Congo's government is reviewing its $6 billion "infrastructure-for-minerals" deal with Chinese investors as part of a broader examination of mining contracts, Finance Minister Nicolas Kazadi told Reuters.

President Felix Tshisekedi said in May that some mining contracts could be reviewed because of concerns they are not sufficiently benefiting Congo, which is the world's largest producer of cobalt and Africa's leading miner of copper.

His government announced this month it had formed a commission to reassess the reserves and resources at China Molybdenum's (603993.SS) massive Tenke Fungurume copper and cobalt mine in order to "fairly lay claim to (its) rights".

Kazadi said in an interview that the 2007 deal agreed with Chinese state-owned firms Sinohydro Corp (SINOH.UL) and China Railway Group Limited (601390.SS) was also being reviewed to ensure it is "fair" and "effective".

Sinohydro and China Railway did not immediately respond to a request for comment. Elie Tshinguli, deputy director-general of the Sicomines copper and cobalt joint venture in Congo, majority-owned by Sinohydro and China Railway, did not respond to a request for comment. [...]