The Democratic Republic of Congo (DRC) is pushing for an audit of the country’s mining contracts with China, which it says heavily favour Beijing. Finance minister Nicholas Kazadi has alleged that these contracts were skewed in favour of Beijing and wants the tax obligations on these companies increased. “Sicomines, it seems, is not keen on paying the $200 million that the DRC is asking for after making huge profits,” Kazadi said, as quoted by the East African newspaper on April 8. “They have to pay…” In February 2023, the impoverished but mineral-rich nation called for an overhaul of a $6.2 billion mining deal with China. This followed President Felix Tshisekedi’s demand for a bigger share of the country’s vast mineral resources than that agreed upon by his predecessor. Sicomines is a mining company owned by both DRC (32%) and China with around 6.8 million tonnes in mineral reserves. It owns most of the 19 mines in the country.
More Stories
The Challenges Facing the New Leader of Africa’s Largest Economy are Simply Enormous
Understanding the Opinions of Africa’s Rising Generation
SA Reserve Bank Concerned about the Rand’s Recent Meltdown and Persistent Price Pressures
Africa’s Banking Sector Celebrates
ICYMI Sam Altman Made a Stop in Lagos
Is African Debt as Perilous as Foreign Lenders Assume?
Accra’s IPPs Threaten Shutdown Over Non-Payment
DRC To Change the Way it Does Business with China
Maputo Picks a Partner for its Hydro Plans
Results of the Kenya Small Firm Diaries study in Nairobi
Africa Day this Year Marks 60 Years since the Founding of the Organisation of African Unity
Zimbabwe Retailers Head to the Streets