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DRC: Tshisekedi keeps promise of renegotiating foreign mining contracts

By Eric Olander
Posted on Wednesday, 25 August 2021 15:24

Republic of Congo's President Felix Tshisekedi delivers a speech prior to a meeting with French President Emmanuel Macron, at the Elysee Palace, in Paris, Tuesday, April 27, 2021. (AP Photo/Thibault Camus)

DRC's President Félix Tshisekedi is following through with his promise to review all foreign mining contracts, mostly with Chinese companies, to evaluate whether the deals that were struck during his predecessor's tenure are equitable.

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.