Wednesday , April 14 2021

DRC söyls Gécamines says foreign mining companies blame the country's lost wealth

Gécamines, the state minister of the Democratic Republic of the Congo, launched an attack against international mining companies and said the corruption charges against the company were "hypocrisy".

The head of Gécamines, Albert Yuma, said foreign mining companies have caused the DRC, one of the poorest countries in the world, to lose billions of dollars in expected revenue over the past decade.

Gécamines said, karşılaştırıl Inadequately assessing the results of the project companies in DRC ği, DRC lost $ 4.9 billion in revenues between 2002 and 2016, compared to the initial projections promised by the feasibility studies.

The report follows the implementation of a higher mining tax this year at DRC in March under a new law passed by President Joseph Kabila. The revision of the country's 2002 mining code was strongly opposed by international companies such as Switzerland-based Glencore, Ivanhoe Mines and China Molybdenum.

Gécamines, a minority shareholder in many mining projects in the country, supported the mining code and said it also wanted to renegotiate its contracts with international mining companies. Gecamines said on Wednesday that the new code "has remained at the standards of the global mining industry and has no risk of profitability".

Gécamines said the loss of income since 2000 is dependent on investors and operating costs, where mining projects do not increase profitably. Some of these expenditures, he said, are in the form of financing costs, although shareholders lend themselves to the companies.

In June, Glencore decided to allocate $ 5.6 billion in the Katanga copper and cobalt project after a case from Gecamines.

. The report explains how the system, implemented by the industry's multinational corporations, aims to deprive Gécamines and DRC of the benefits of their projects, G Gécamines said. Ler In evaluating the results of the project companies in DRC, these multinational companies also explain the record profits in financial markets. “

Mr. Yuma denied accusations that the money had been lost in the company's accounts over the past few years, saying that the accounts were audited and the data was publicly disclosed according to the Transparency Initiative of the Extractive Industry (EITI).

Last year, Atlanta-based Carter Center reported that $ 750 million was paid to Gécamines from asset sales, and copyright between 2011 and 2014 was missing.

Gécamines said that all these funds could have "dollar dollars" in their accounts.

Between 2009 and 2014, Gécamines paid $ 372 million to the DRC state, as opposed to $ 75 million, alleged by Mr. Yuma Carter Center.

"They [NGOs] the only aim is to destabilize the DRC without any external demand for cobalt, coltan, copper, gallium, germanium and other strategic minerals that the world needs much for the transition of energy to the so-called democratic ideals. He said Mr. Yuma.

Gécamines said it invested 850 million dollars in 2010 after bankruptcy in 2010, including the purchase of copper deposits such as the Deziwa mine. The company will invest $ 101 million in 2018, he said.

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