Congo rejects miners' contract proposals-minister

Thu Apr 16, 2009 7:49am EDT
 
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KINSHASA, April 16 (Reuters) - Democratic Republic of Congo has rejected contract revisions proposed by six of the biggest mining firms there, and will extend a much delayed review by six months, the deputy mines minister said on Thursday.

Of an initial 61 contracts evaluated during the review launched in early 2007, only six remain unresolved. They include major deals with Freeport-MacMoRan (FCX.N), AngloGold Ashanti (ANGJ.J), First Quantum (FQM.L), Banro (BAA.TO), Gold Fields (GFIJ.J), and Mwana Africa (MWA.L).

"The outcome of negotiations to date are far from the terms of reference, therefore they have been rejected by the government...In six months' time they have to come with acceptable proposals," Victor Kasongo told Reuters.

(Reporting by Joe Bavier; Editing by Daniel Magnowski)

 

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