New Vision reported that some 25 mining contracts in Congo involving second tier copper, diamond and gold assets could be scrapped if companies fail to present the results of feasibility studies by a December deadline.

Mr Victor Kasongo deputy mines minister of Congo said that “We will see if the studies were done. They will be able to present their reasons and the cabinet will decide whether to extend or withdraw the permits. The goal is to have these assets in capable hands.”

Mr Martin Kabwelulu mines minister of Congo said that Congo completed a review of 61 mining contracts in August as part of an effort to boost state revenues from agreements signed mostly during the chaos and corruption of a 1998 to 2003 war and the transitional government that followed. However, many companies that saw their partnerships approved by the review panel have yet to present required feasibility study results.

He said that certain partners started work without finalizing their feasibility studies. The companies were initially asked to present the results among documents submitted at the start of the long delayed review process. But the government extended the deadline when it became clear that the majority of companies had not yet completed their studies. 11 companies were either in production or gave feasibility studies.

Mr Kasongo said that the rest gave nothing. So far we’ve still received nothing and we’ve asked. Around 25 projects in possession of what he described as second tier assets in the copper, diamond and gold sectors were subject to the December deadline.

(Sourced from New Vision)