Lundin mining and Freeport-McMoRan are ready for a run - I do not expect any material changes to thier contracts, removed uncertainty will bring both stocks back onto uptrend.
Congo mining review results in two weeks - minister
By Joe Bavier
KINSHASA (Reuters) - Democratic Republic of Congo (DRC) will announce the results of a long-delayed review of mining contracts in two weeks' time, the central African country's deputy mines minister said on Thursday.
The former Belgian colony set up a commission to review some 60 mining contracts last year after a new government was named following the first democratic elections in more than four decades in 2006.
The process, which aims to clean up deals agreed during the chaos of a 1998-2003 war and ensure a fair share of mining revenues for the state, has been repeatedly delayed.
The contracts include deals with international firms such as Freeport McMoRan Copper & Gold Inc, BHP Billiton and Nikanor.
"It is in the interests of DRC and its investors that the elements of contracts that need to be adjusted are dealt with quickly and clearly," Deputy Mines Minister Victor Kasongo said in a statement.
Companies with contracts under review would receive a summary of the commission's findings in two weeks, the statement said. They would then be consulted on any changes or renegotiation of the current agreements.
On Tuesday, Kasongo announced during the Indaba mining conference in Cape Town that the commission was planning to fast-track the review process.
"Our task is to get these contracts through the process, and to ensure as a result that the mining companies in DRC combine high profits and shareholder value with absolute political and legal security," Kasongo said.
Last year the country's mines minister reassured investors, saying most mining companies operating in Congo would remain in the long term despite the review.
However, in November, a leaked preliminary report from the commission said that all the contracts under review should be cancelled or renegotiated and that no contract it saw was considered "viable" in its current form.
Interest in the former Belgian colony's once mighty mining sector -- a potential treasure trove of unexploited concessions -- has boomed since the 2006 elections, meant to draw a line under years of conflict and decades of mismanagement.
KINSHASA (Reuters) - Democratic Republic of Congo (DRC) will announce the results of a long-delayed review of mining contracts in two weeks' time, the central African country's deputy mines minister said on Thursday.
The former Belgian colony set up a commission to review some 60 mining contracts last year after a new government was named following the first democratic elections in more than four decades in 2006.
The process, which aims to clean up deals agreed during the chaos of a 1998-2003 war and ensure a fair share of mining revenues for the state, has been repeatedly delayed.
The contracts include deals with international firms such as Freeport McMoRan Copper & Gold Inc, BHP Billiton and Nikanor.
"It is in the interests of DRC and its investors that the elements of contracts that need to be adjusted are dealt with quickly and clearly," Deputy Mines Minister Victor Kasongo said in a statement.
Companies with contracts under review would receive a summary of the commission's findings in two weeks, the statement said. They would then be consulted on any changes or renegotiation of the current agreements.
On Tuesday, Kasongo announced during the Indaba mining conference in Cape Town that the commission was planning to fast-track the review process.
"Our task is to get these contracts through the process, and to ensure as a result that the mining companies in DRC combine high profits and shareholder value with absolute political and legal security," Kasongo said.
Last year the country's mines minister reassured investors, saying most mining companies operating in Congo would remain in the long term despite the review.
However, in November, a leaked preliminary report from the commission said that all the contracts under review should be cancelled or renegotiated and that no contract it saw was considered "viable" in its current form.
Interest in the former Belgian colony's once mighty mining sector -- a potential treasure trove of unexploited concessions -- has boomed since the 2006 elections, meant to draw a line under years of conflict and decades of mismanagement.
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