Recently, Canada's copper and gold producer First Quantum Miner (FQM, First Quantum Minérale) filed two lawsuits for the termination of the Congo (Golden) mining project. Last year, the Ministry of Mines suspended the mining development contract with KMT (Kingamyambo Musonoi TailinGS) of FQM in Klewitz, Gangdala province. As the largest shareholder of KMT, FQM filed a lawsuit with the Paris Commercial Arbitration Court after the contract was terminated. The company's president said that because the Congo (DRC) faces difficulties in law enforcement, investors need to balance the relationship between risk and return.
So, what kind of country is Congo (Gold), and what is the status of its mining policy?
Resource-rich "World Raw Material Warehouse"
Congo (Golden) is one of the countries with good ore-forming conditions and great prospecting potential in Africa and is very attractive to Western mining companies. Congo (King) has a wide variety of mineral resources and is known as the “World Geological Museumâ€. It is known as the “World Raw Material Warehouseâ€, “Central African Gems†and “Geological Miraclesâ€. According to figures released by the Congo (DRC) Mining and Oil and Gas Department in June 2003, its main mineral geological reserves are: 75 million tons of copper and 4.7 million tons of cobalt (proved reserves account for nearly half of the world's proven reserves of cobalt ore) and zinc. 7 million tons, manganese 7 million tons, iron 1 million tons, tin 450,000 tons, gold 600 tons, diamonds 190 million carats. According to the data released by the US Geological Survey, the reserves of other mineral resources are: 25 million tons of oil, 40 billion cubic meters of natural gas, and 88 million tons of coal. Congo (Gold) also has abundant gem resources.
In recent years, due to the political turmoil in the country, the investment of foreign mining companies in the country has been affected to a large extent, but the exploration and development of the Congo (Golden) minerals continues to develop, and some foreign mining companies are still committed to the Congo. ) Investment in mineral exploration and development.
Mining production growth, more export of mineral products
In the past, the value of the Congo (Golden) mining industry accounted for about 25% of the gross national product (GDP). In 2006, the share of mining output in the gross national product fell to 13.2%. About 700,000 people are currently engaged in diamond artisanal mining, and about 100,000 people are engaged in diamond trade.
Congo (Gold) cobalt production accounts for 38% of world cobalt production, industrial diamond production accounts for 28% of the world, and gem diamond production accounts for 6% of the world. In 2006, the export value of Congo (gold) mineral products was 2.32 billion US dollars, and the import value was 2.74 billion US dollars. Diamond exports account for 38% of total exports, crude oil accounts for 25%, cobalt accounts for 16%, copper accounts for 11%, and other mineral products include gold, antimony, bismuth, tin, tourmaline and tungsten.
The Congo (Kinshasa) became a member of the WTO in 1995. He has signed bilateral economic and trade agreements with 44 countries (including China), participated in 9 regional organizations including the Economic Community of Central African States, and participated in 14 international and multilateral economic and trade organizations such as the International Association of Tin and ACP. The main mineral products are traded in the United States, Belgium, France, Germany, Japan and South Africa.
The Congolese Mineral Resources Exploration and Development Management is managed by the Congolese Mining and Oil and Gas Department. The Ministry was reorganized on November 17, 2002 after the election of President Kabila. It was a new institution formed by the merger of the former Ministry of Mines and the Ministry of Petroleum. The department's main tasks are to manage mining activities throughout the country, supervise the implementation of mining laws, and implement and implement all government policies and decisions regarding mining activities.
The mining of mineral resources in the Democratic Republic of the Congo is managed by the Congolese National Mining Corporation and is based in Lubumbashi. The company has a 18,000-square-kilometer mining area in Katanga. There are many open-pit and underground mining sites and large-scale smelters such as copper, cobalt and zinc. Copper production has accounted for more than 90% of the total copper production in the country. The company has established joint ventures with mining companies in Australia, the United States, Canada, Belgium and South Africa to jointly develop mineral resources in the mines under its jurisdiction.
The Mining Cadastral Registry is a gateway to mining investors and offers a number of concessions to facilitate the development of the mining sector and better meet the overall interests of investors, the State and the Congolese.
International mining companies compete to the Congo (Gold) mining
Since 1996, the Congolese government, with the support of the World Bank, has privatized most of the mining companies it controls through the Ministry of Mines and Oil and Gas, and hopes that foreign mining companies will pass the government-run Jika Mining ( Gécamines) established a joint venture to revitalize the Congo (Gold) mining industry.
According to reports, privatization and redevelopment through joint ventures include more than 20 copper-cobalt mines, zinc mines and processing plants, gold and tin companies and major diamond production companies owned by Gécamines. Some international mining companies believe that the untapped cobalt-copper project owned by Gécamines is the most promising. After President Kabila took office in May 1997, the mining renaissance was prioritized, Gécamines' privatization process accelerated, and Western mining companies such as the United States expressed greater interest.
At present, Western mining companies' mineral exploration and development in Congo (Golden) is mainly concentrated in the southern Katanga copper belt. The main minerals are copper, cobalt and zinc. The participating foreign mining companies are mainly the United States, followed by South Africa. Canada and Australia.
In recent years, the Congo (Golden) geological exploration investment has increased significantly year after year. In 2004, the geological exploration investment was 16.4 million US dollars, in 2005 it was 57 million US dollars, and in 2006 it increased to 235 million US dollars.
Some mining companies in the world have also increased their investment in the Congo (Kinshasa). In 2007, Banro Resources (based in Toronto) invested $30 million in geological exploration in the Democratic Republic of the Congo (US$21 million in 2006) and Freeport-McMoRan invested 2.51 million in geological exploration in Congo (Kinshasa) Dollar. De Beers' investment in the Congo (Golden) geological exploration is about $20 million. Five kimberlite bodies (including diamonds) have been discovered and continue to look for more prospective metallogenic areas.
How to avoid mining risks
Although the Congo (Kinshasa) civil war has been seven years old, it is still one of the poorest countries in the world. Political turmoil in the eastern part of the Democratic Republic of the Congo continues, especially in the gold-rich Ituri region.
Small-scale artisanal mining, not industrial-scale mining, is a feature of the Congo (Golden) mining industry, which accounts for 70% of Congo’s diamond production, and Congo is the world’s third-largest diamond producer by volume. By value, Congo is the seventh largest diamond producer in the world, mainly because of the lack of capacity for small diamond processing in the Congo.
All mineral resources in the DRC are owned by the state, but users of mineral rights have the right to sell mineral products.
In the next few years, the production of cobalt, copper, gold and tin in the DRC will increase significantly, but the development and construction of these projects will depend on the stability of the domestic political and economic situation in the DRC and the favorable conditions of the international market. .
Since 2007, the government has reviewed more than 60 mining contracts that have been signed in the past. This work was completed in 2009. More than 40 contracts were retained, 15 contracts were terminated and 6 were reconfirmed. The contract review allowed the government to receive an import fee income of $312 million.
In 2008, the Fraser Institute of Canada released the results of the tenth annual mining company's survey on mining investment environment assessments in major countries or regions of the world. In the survey, the African region selected 10 major countries, including South Africa, Zimbabwe, Ghana, Mali, Botswana, Burkina Faso, Tanzania, Congo (Kinshasa), Namibia and Zambia. Among the 10 major African countries, the Congo’s policy potential index is 34.4, the mineral resource potential index is 54, the investment attractiveness index is 96, ranking second among the 10 major African countries. Congo (Gold) is a mineral resource exploration and Developing and utilizing countries with great potential, but Congo (DRC) is one of the countries with the worst mining policy environment in recent years.
So, what kind of country is Congo (Gold), and what is the status of its mining policy?
Resource-rich "World Raw Material Warehouse"
Congo (Golden) is one of the countries with good ore-forming conditions and great prospecting potential in Africa and is very attractive to Western mining companies. Congo (King) has a wide variety of mineral resources and is known as the “World Geological Museumâ€. It is known as the “World Raw Material Warehouseâ€, “Central African Gems†and “Geological Miraclesâ€. According to figures released by the Congo (DRC) Mining and Oil and Gas Department in June 2003, its main mineral geological reserves are: 75 million tons of copper and 4.7 million tons of cobalt (proved reserves account for nearly half of the world's proven reserves of cobalt ore) and zinc. 7 million tons, manganese 7 million tons, iron 1 million tons, tin 450,000 tons, gold 600 tons, diamonds 190 million carats. According to the data released by the US Geological Survey, the reserves of other mineral resources are: 25 million tons of oil, 40 billion cubic meters of natural gas, and 88 million tons of coal. Congo (Gold) also has abundant gem resources.
In recent years, due to the political turmoil in the country, the investment of foreign mining companies in the country has been affected to a large extent, but the exploration and development of the Congo (Golden) minerals continues to develop, and some foreign mining companies are still committed to the Congo. ) Investment in mineral exploration and development.
Mining production growth, more export of mineral products
In the past, the value of the Congo (Golden) mining industry accounted for about 25% of the gross national product (GDP). In 2006, the share of mining output in the gross national product fell to 13.2%. About 700,000 people are currently engaged in diamond artisanal mining, and about 100,000 people are engaged in diamond trade.
Congo (Gold) cobalt production accounts for 38% of world cobalt production, industrial diamond production accounts for 28% of the world, and gem diamond production accounts for 6% of the world. In 2006, the export value of Congo (gold) mineral products was 2.32 billion US dollars, and the import value was 2.74 billion US dollars. Diamond exports account for 38% of total exports, crude oil accounts for 25%, cobalt accounts for 16%, copper accounts for 11%, and other mineral products include gold, antimony, bismuth, tin, tourmaline and tungsten.
The Congo (Kinshasa) became a member of the WTO in 1995. He has signed bilateral economic and trade agreements with 44 countries (including China), participated in 9 regional organizations including the Economic Community of Central African States, and participated in 14 international and multilateral economic and trade organizations such as the International Association of Tin and ACP. The main mineral products are traded in the United States, Belgium, France, Germany, Japan and South Africa.
The Congolese Mineral Resources Exploration and Development Management is managed by the Congolese Mining and Oil and Gas Department. The Ministry was reorganized on November 17, 2002 after the election of President Kabila. It was a new institution formed by the merger of the former Ministry of Mines and the Ministry of Petroleum. The department's main tasks are to manage mining activities throughout the country, supervise the implementation of mining laws, and implement and implement all government policies and decisions regarding mining activities.
The mining of mineral resources in the Democratic Republic of the Congo is managed by the Congolese National Mining Corporation and is based in Lubumbashi. The company has a 18,000-square-kilometer mining area in Katanga. There are many open-pit and underground mining sites and large-scale smelters such as copper, cobalt and zinc. Copper production has accounted for more than 90% of the total copper production in the country. The company has established joint ventures with mining companies in Australia, the United States, Canada, Belgium and South Africa to jointly develop mineral resources in the mines under its jurisdiction.
The Mining Cadastral Registry is a gateway to mining investors and offers a number of concessions to facilitate the development of the mining sector and better meet the overall interests of investors, the State and the Congolese.
International mining companies compete to the Congo (Gold) mining
Since 1996, the Congolese government, with the support of the World Bank, has privatized most of the mining companies it controls through the Ministry of Mines and Oil and Gas, and hopes that foreign mining companies will pass the government-run Jika Mining ( Gécamines) established a joint venture to revitalize the Congo (Gold) mining industry.
According to reports, privatization and redevelopment through joint ventures include more than 20 copper-cobalt mines, zinc mines and processing plants, gold and tin companies and major diamond production companies owned by Gécamines. Some international mining companies believe that the untapped cobalt-copper project owned by Gécamines is the most promising. After President Kabila took office in May 1997, the mining renaissance was prioritized, Gécamines' privatization process accelerated, and Western mining companies such as the United States expressed greater interest.
At present, Western mining companies' mineral exploration and development in Congo (Golden) is mainly concentrated in the southern Katanga copper belt. The main minerals are copper, cobalt and zinc. The participating foreign mining companies are mainly the United States, followed by South Africa. Canada and Australia.
In recent years, the Congo (Golden) geological exploration investment has increased significantly year after year. In 2004, the geological exploration investment was 16.4 million US dollars, in 2005 it was 57 million US dollars, and in 2006 it increased to 235 million US dollars.
Some mining companies in the world have also increased their investment in the Congo (Kinshasa). In 2007, Banro Resources (based in Toronto) invested $30 million in geological exploration in the Democratic Republic of the Congo (US$21 million in 2006) and Freeport-McMoRan invested 2.51 million in geological exploration in Congo (Kinshasa) Dollar. De Beers' investment in the Congo (Golden) geological exploration is about $20 million. Five kimberlite bodies (including diamonds) have been discovered and continue to look for more prospective metallogenic areas.
How to avoid mining risks
Although the Congo (Kinshasa) civil war has been seven years old, it is still one of the poorest countries in the world. Political turmoil in the eastern part of the Democratic Republic of the Congo continues, especially in the gold-rich Ituri region.
Small-scale artisanal mining, not industrial-scale mining, is a feature of the Congo (Golden) mining industry, which accounts for 70% of Congo’s diamond production, and Congo is the world’s third-largest diamond producer by volume. By value, Congo is the seventh largest diamond producer in the world, mainly because of the lack of capacity for small diamond processing in the Congo.
All mineral resources in the DRC are owned by the state, but users of mineral rights have the right to sell mineral products.
In the next few years, the production of cobalt, copper, gold and tin in the DRC will increase significantly, but the development and construction of these projects will depend on the stability of the domestic political and economic situation in the DRC and the favorable conditions of the international market. .
Since 2007, the government has reviewed more than 60 mining contracts that have been signed in the past. This work was completed in 2009. More than 40 contracts were retained, 15 contracts were terminated and 6 were reconfirmed. The contract review allowed the government to receive an import fee income of $312 million.
In 2008, the Fraser Institute of Canada released the results of the tenth annual mining company's survey on mining investment environment assessments in major countries or regions of the world. In the survey, the African region selected 10 major countries, including South Africa, Zimbabwe, Ghana, Mali, Botswana, Burkina Faso, Tanzania, Congo (Kinshasa), Namibia and Zambia. Among the 10 major African countries, the Congo’s policy potential index is 34.4, the mineral resource potential index is 54, the investment attractiveness index is 96, ranking second among the 10 major African countries. Congo (Gold) is a mineral resource exploration and Developing and utilizing countries with great potential, but Congo (DRC) is one of the countries with the worst mining policy environment in recent years.
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