Make Kitco Your Homepage

Congo miner Gecamines seeks talks with foreign partners on JV terms

Kitco News

LUBUMBASHI, Democratic Republic of Congo, June 14 (Reuters) - D emocratic Republic of Congo state miner Gecamines has called on its foreign partners to come discuss the terms of their joint ventures, its chairman said on Thursday.

"If our partners think that operations bringing in 2.5 percent in royalties to the state are sufficient, they are mistaken," Albert Yuma told a mining conference in the southeastern city of Lubumbashi.

"We will use all legal means to reclaim our rights," he said, complaining that Gecamines' partnerships have not brought in sufficient revenue to the Congolese treasury. Yuma also said that Gecamines' Deziwa joint venture with China Nonferrous Metal Mining (CNMC) would produce 80,000 tonnes of copper next year. Gecamines has reached a revenue-sharing agreement with an unidentified Chinese company to develop the Kilamusembo copper and cobalt mine, he added.
(Reporting by Fiston Mahamba; writing by Aaron Ross; editing by Jason Neely)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News

Kitco Offers