Reuters reported that an audit by Democratic Republic of Congo's state mining firm of its JV partnerships should not be mistaken for a new mining contract review.

Mr Moise Katumbi governor of Congo's minerals rich Katanga province said that the central Africa state holds some of the world's largest reserves of cobalt, copper and other minerals but fears over contract security after a 2008 to 2010 mining review and rebel activity in the east have held back investment.

Mr Moise Katumbi said that there will be no further revisitation of contracts. I have consulted with the president Mr Joseph Kabila. We went backwards on investment, and now we can not afford as a responsible government to have a second review. So do not stop your investments, you should continue to invest.

State firm Gecamines said that it will launch an audit of existing JV deals in an effort to raise cash for USD 930 million expansion a plan that could put it on a collision course with partners like Freeport McMoRan Glencore owned Katanga Mining and ENRC.

Mr Katumbi said that the audit should not be confused with a full blown contract review. When you are in a partnership with someone, the partner has a right to request an audit. It is quite normal.

Congo embarked on its controversial mining contract review process in 2008 in which more than 60 deals were renegotiated over 2 years and in which Canadian miner First Quantum Minerals was stripped of its USD 750 million KMT project. First Quantum is seeking international arbitration.

The review process shook investor confidence in the central African state, which in 2011 placed 175th out of 183 countries in the World Bank's doing business rankings.

Mr Ahmed Kalej Nkand director of Gecamines said that the amount of time it has taken for it to profit from its thirty partnerships had prompted it to audit the deals. This limited review aims to verify that the joint ventures are properly applying the agreements that created them," he told the mining conference.

(Sourced from Reuters)