61 contracts recommended to be changed, page-2

I think that is why we took such a fall overnight. People are a bit spooked.

But considering how Craig Munro welcomed the Govt contracts review, I don't think that we have too much to worry about. Maybe a buying opportunity on Monday?

A reminder of whats happening below:

Congo Looking To Rid Mining Industry Of Speculators-Vice Min

15 October 2007

Source: Dow Jones International News

ANTWERP (Dow Jones)--Congo's review of mining contracts with private companies and a rework of the country's mining laws will favor long-term investors over speculators, said Victor Kasongo, the country's vice minister for mines.

"The review is there to protect those who are legally in place and also to make sure (the industry) is not harmed by those who are there to hold mining licenses for speculation only and nothing happens on the ground," Kasongo said on the sidelines of a diamond mining conference.

Congo also would consider a transfer tax on licenses so that speculators who hold mining rights would have to pay the government a share of any profits if they sell those rights to another company, he said.

Congo is reviewing about 60 contracts signed with companies during its civil war and subsequent transitional government. Kasongo said the process would likely be finished by the end of the year.

The review already has cost one company, Central African Mining and Exploration Co. (CFM.LN) its license at its flagship copper and cobalt operation.

The company protested the ruling and a hearing is scheduled for Thursday to determine if a court can overturn the government's decision to yank the license.

Kasongo acknowledged that the case and the overall review have created some uncertainty for companies looking to invest in Congo.

"That's democracy," he said.

But he said that the government was making a serious effort to establish rule of law across the industry in an effort to boost the country's economy.

"Everyone was saying before, you just walk there and you have a license. We want to bring the place to be respectable, a place for good companies to work long term," Kasongo said.