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DRC & # 39; s Gécamines says that foreign mining companies are to blame for the lost wealth of the country

Gécamines, a state miner from the Democratic Republic of the Congo, launched an explosive attack on international mining companies and said that corruption allegations against the company are "hypocrisy."

Albert Hume, chairman of Gécamines, said that foreign mining companies forced DRC – one of the poorest countries in the world – to lose billions of dollars in expected revenue over the past decade.

“Underestimating the results of project companies in the DRC,” Zhekamin said that the DRC lost $ 4.9 billion. The US from 2002 to 2016 compared with the initial forecasts, the promised feasibility studies.

The report comes after the introduction of higher extraction taxes in the DRC this year in accordance with the new law passed by President Joseph Kabila in March. The revision of the mining code in 2002 actively fought with international companies, including Swiss Glencore, Ivanhoe Mines and China Molybdenum.

Gécamines, a minority partner in most mining projects in the country, supported the mining code and said that he also wants to renegotiate his contracts with international mining companies. The new code "remains in the standards of the global mining industry and does not pose a risk to their profitability," Gekamin said on Wednesday.

Gécamines said that the loss of income since 2000 is due to a sharp increase in investment and operating costs for mining projects that did not make them profitable. But some of these expenses were in the form of financial expenses, although the shareholders themselves provided loans to companies, Zhekamin said.

In June, Glencore agreed to write off a debt of $ 5.6 billion to its Katanga project in copper and cobalt, after a lawsuit from Gecamines.

“The report briefly explains how the system implemented by multinational companies in the sector aims to deprive Gécamines and DRC of the benefits from their projects,” said Gekamin. “Underestimating the results of project companies in DRC, while these transnational corporations at the same time announce record profits in the financial markets.”

Mr. Yuma denied that the money had gone missing in the company's accounts over the past few years, stating that his accounts had been checked and that the data had been publicly published in accordance with the Extractive Industries Transparency Initiative (EITI).

Last year, the Atlanta Carter Center said that $ 750 million paid by Gécamines from the sale of assets and royalties from 2011 to 2014 were missing from its accounts.

Gécamines said that all the money can be traced to their accounts, "dollar for dollar."

Between 2009 and 2014, Gécamines paid $ 372 million to the DRC state, Mr. Yuma said, rather than the $ 75 million announced by the Carter Center.

"Their [NGOs] the only goal is to destabilize the DRC in order to serve unhindered, in the name of pseudo-democratic ideals, foreign demand for cobalt, coltan, copper, gallium, germanium and other strategic minerals that the world so badly needs to ensure its energy transition, said Yuma.

Gécamines said it had invested $ 850 million in its mining assets after its nearly bankruptcy in 2010, including buying out copper deposits such as the Deziwa mine. According to him, the company will invest 101 million dollars in 2018.

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