DRC’s Gecamines to renegotiate contracts from mid-2018

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GECAMINES, a base metals company owned by the government of Democratic Republic of Congo (DRC) is to renegotiate contracts with international mining partners operating in the country’s borders to secure a bigger share of revenues, said Reuters.

This follows a controversial new mining code which has been approved by the DRC’s parliament, but has not been signed into law yet by the country’s president, Joseph Kabila. Gecamines said it would seek international arbitration if miners refused to cooperate.

“I think they are reasonable and will agree to negotiate. I start with the principle they are reasonable people,” said Gecamines Chairman Albert Yuma at the Mining Indaba. Talks on contract revisions should start in the second quarter, once an audit had been finalised, and should be completed by the end of 2018 or the start of 2019, said Reuters.

Gecamines’ partners include Glencore, China Molybdenum and Ivanhoe Mines.

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