Newsflash: corruption is a way of doing business in the DRC.Do...

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2077

27/08/24

21:03

Post #: 75402869

Originally posted by EP91: ↑
1 "Moreover, in 2021, the DRC’s state anti-corruption body, the IGF, described Cominière’s sale of a 15% Dathcom shareholding to Zijin as a “cut-price sell-off.” According to the IGF’s report, the sale resulted in a revenue loss of 0.76 million.

Link: "https://news.mongabay.com/2024/08/disputed-manono-lithium-mining-project-in-drc-sparks-concern/
2 "In DRC, the development of the Manono lithium deposit – stalled by a dispute involving Australian and Chinese mining companies – has raised numerous corruption red flags. The project appears to have generated as much as US$28 million for shell companies held by middlemen implicated in previous corruption scandals involving ex-President Joseph Kabila. Furthermore, a senior official in current President Felix Tshisekedi’s party reportedly received $1.6 million in ‘commission’ from Zijin Mining when it acquired shares in the project. The state-owned mining company that signed the Manono deals has been accused by DRC’s anti-corruption agency of selling lithium rights at a “cut price” and “squandering” the proceeds.

Link: "https://www.globalwitness.org/en/campaigns/natural-resource-governance/lithium-rush-africa/

It's just about unanimous that corruption has been at play here. Tolate is the most obvious example of a full-time paid commenter that I've ever seen anywhere on the internet (hi, HotCopper). Its a real shame for the DRC.
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Newsflash: corruption is a way of doing business in the DRC.

Do you think DRC staff working in Australia for an Australian company would criticise our ways of working?

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3 Upvote

0 Great analysis

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1		"Moreover, in 2021, the DRC’s state anti-corruption body, the IGF, described Cominière’s sale of a 15% Dathcom shareholding to Zijin as a “cut-price sell-off.” According to the IGF’s report, the sale resulted in a revenue loss of 0.76 million. Link: "https://news.mongabay.com/2024/08/disputed-manono-lithium-mining-project-in-drc-sparks-concern/
2	"In DRC, the development of the Manono lithium deposit – stalled by a dispute involving Australian and Chinese mining companies – has raised numerous corruption red flags. The project appears to have generated as much as US$28 million for shell companies held by middlemen implicated in previous corruption scandals involving ex-President Joseph Kabila. Furthermore, a senior official in current President Felix Tshisekedi’s party reportedly received $1.6 million in ‘commission’ from Zijin Mining when it acquired shares in the project. The state-owned mining company that signed the Manono deals has been accused by DRC’s anti-corruption agency of selling lithium rights at a “cut price” and “squandering” the proceeds. Link: "https://www.globalwitness.org/en/campaigns/natural-resource-governance/lithium-rush-africa/

Newsflash: corruption is a way of doing business in the DRC.Do...

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Chariot Corp unveils plans for Black Mountain "pilot mine" in Wyoming, US; shares jump +20%

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