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Gecamines seeks to renegotiate contracts with mining partners

Democratic Republic of the Congo state-miner Gecamines SA plans to renegotiate contracts with its international partners this year to win a bigger share of revenues for the country, Reuters reported Feb. 5, citing Chairman Albert Yuma, who spoke at a mining conference in Cape Town, South Africa.

The company's partners on mining projects include Glencore Plc, China Molybdenum Co. Ltd. and Ivanhoe Mines Ltd.

The contract negotiations are expected to begin in the second quarter and be completed toward the end of the year or early 2019.

According to the report, the state miner has consistently failed to meet production targets and has sold most its assets since the mid-1980s.

This comes amid mining companies opposing a revised mining code that was passed by both houses of parliament in the DRC but still has to be signed by President Joseph Kabila.