DRC: Tshisekedi keeps promise of renegotiating foreign mining contracts

And it appears the government is focusing on the largest players first, following the announcement that a commission is now in place to investigate China Molybdenum Company’s (China Moly) stake in the massive Tenke Fungurume Mine (TFM) in the southern Lualaba province, the country’s largest cobalt and copper mine.

The key issue, according to Andre Wameso, Tshisekedi’s deputy chief of staff for economic and financial matters and a member of the commission, is whether the quantity of known reserves at TFM is consistent with what was stipulated in the contract.

“If the conditions have changed in terms of something that wasn’t there at the initial time, we must review the agreement on the basis of reality,” said Wameso.

But Wameso went out of his way in an interview with Bloomberg to provide assurances that these investigations should not be regarded as an “attack [on] foreign investors.”

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