DRC ready to renegotiate mining contracts

Foreign mining companies operating in the Democratic Republic of Congo (DRC) have been told that the country’s government is now ready to begin renegotiating their contracts.

In an interview with news agency, Reuters, DRC deputy mines minister, Victor Kasongo, confirmed that the long-delayed process will commence in mid-July.

Around 60 contracts, many of which were awarded during the country’s war-torn past, are under review.

BHP Billiton, Freeport McRoRan Copper & Gold and De Beers are among those affected.

DRC set up a commission to review the contracts last year, following the installation of a new Government in 2006, which heralded the first period of democratic rule in the country in over four decades.

The contracts have been examined to ensure their terms were not based on corrupt deals with earlier political regimes.

The commission reported its findings to individual mining companies in February of this year and invited their responses before moving into the renegotiation process.