First Quantum’s Congo Mines Contract Is Finished
La pression monte pour FQM. Si ZCCM-IH s'y met aussi à propos des minority interests, ils risquent d'être bien occupés
First Quantum’s Congo Mines Contract Is Finished, Minister Says - By Franz Wild - Sept. 14 2009
(Bloomberg) -- The Democratic Republic of Congo’s decision to cancel First Quantum Minerals Ltd.’s mining contract in the country is final, according to Deputy Mines Minister Victor Kasongo.
The central African country’s government last month canceled First Quantum’s Kingamyambo Musonoi Tailings project in the southern Katanga province, saying the company was unwilling to adapt its contract as requested during a review of 61 mining contracts.
“Regarding KMT, it’s over,” Kasongo said today by phone from Kinshasa. “The government has taken a decision and that’s that.” Congo is unconcerned by possible legal action by the Vancouver-based company, he said.
First Quantum President Clive Newall was not immediately available when Bloomberg News called his office in Horsham, England, seeking comment.
The central African nation is renegotiating contracts with investors as the government seeks to increase its share of revenue from the industry.
Government officials today met with representatives of Freeport McMoRan Copper & Gold Inc., whose Tenke Fungurume venture is the only contract still under review, Kasongo said. “The parties are putting every effort into achieving a successful outcome,” he said.
The government gave Freeport, the world’s largest publicly traded copper producer, 60 days from Aug. 4 to make adjustments to its contract or also face cancellation.
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