MASHAMBA AND DIKULUWE China secures copper, cobalt mining rights with DRC loan deal The DRC Mines Minister has signed a loan deal with China which could lead to the development of Gecamines’ Mashamba and Dikuluwe copper/cobat projects said to contain huge copper and cobalt reserves
Author: Joe Bavier Posted: Tuesday , 29 Jan 2008
KINSHASA (Reuters) -
Chinese companies will receive mining rights to millions of tonnes of Congolese copper and cobalt under a multibillion dollar loan agreement, Congo's mines minister said on Monday after signing a deal.
The huge, war-ravaged central African country announced plans last year to borrow at least $5 billion from China to help build major road and rail construction projects and for the rehabilitation of its rich but neglected mining sector.
Under a deal signed on Monday by China's Exim Bank and the Kinshasa government, Congolese state miner Gecamines, China's Sinohydro Corp and China Railway Engineering Corp will create a joint mining venture with rights to two mining concessions.
"The mines serve as the guarantee for this agreement. We have evaluated the mines at Mashamba and Dikuluwe in tonnage of cobalt and copper. And it was on this basis that we signed the deal," Congolese Mines Minister Martin Kabwelulu told Reuters.
Together the Mashamba and Dikuluwe mines contain 10 million tonnes of copper and 2 million tonnes of cobalt, he said.
