Congo signs over mining millions to company owned by president’s friend | Global Witness
▻https://www.globalwitness.org/en-gb/press-releases/congo-signs-over-potential-880m-royalties-glencore-project-offshore-c
Global Witness today reveals that the state mining company in Democratic Republic of Congo last year signed over royalty rights in its most lucrative mining project, owned and operated by giant London-listed commodities trader Glencore, to an offshore company belonging to a friend of the president. The contract does not explain what, if anything, Congo’s state mining company received in compensation for handing over these rights, and neither Gecamines nor the offshore company involved has provided a full explanation.
Global Witness estimates that the royalties could generate as much as $880m – more than Congo’s annual health spending. Typically royalties like this are for the benefit of the population. This is especially vital in Congo, which ranks near the bottom of the UN Human Development Index and has one of the lowest rates of GDP per capita in the world.