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What to Make of Congo's Revenue Dispute With Mining Giant China Molybdenum

MIN READMar 14, 2022 | 21:22 GMT

A man supervises a conveyor belt loaded with raw cobalt at a plant in Lubumbashi, Democratic Republic of Congo, on Feb. 16, 2018.

A man supervises a conveyor belt loaded with raw cobalt at a plant in Lubumbashi, Democratic Republic of Congo, on Feb. 16, 2018.

(SAMIR TOUNSI/AFP via Getty Images)

In the Democratic Republic of Congo, an ongoing revenue dispute regarding the massive Chinese-owned Tenke Fungurume mine is part of President Felix Tshisekedi's broader push to increase government oversight of the country's mining industry. However, this push is more likely to grant the administration short-term financial and political gains than resolve the greater issues of volatility and opacity plaguing Congo's mining sector. The CEO of the Chinese mining giant China Molybdenum met with Congo's prime minister last week to discuss the ongoing dispute over billions of dollars Congo's government claims it is owed in revenue generated from the company's Tenke Fungurume copper mine. A week earlier, a court in Lubumbashi (the city in southeastern Congo where the project is located) temporarily removed control of the mine from China Molybdenum after a government-appointed panel assessed the Chinese company had undervalued the mine's reserves and, in turn, undercut the taxes due to...

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