What could mining revenues really do for the DRC?

Delegates from the International Monetary Fund are on a tour of the Democratic Republic of Congo ahead of the elections (28 November 2011).

The body says although the country’s economy is forecast to grow at 6.5% for the remainder of 2011, the lack of transparency in its mining sector is eating away at funds meant help ease poverty levels.

The DRC signed an agreement with the World Bank in January that all sales, prices and allocation of assets in the mining sector will be made public, but to date the government, under the very sexy Joseph Kabila has made two deals with foreign companies, or more specifically Israeli businessman Dan Gertler without informing the public.

The fiiione President of the DRC Joseph Kabila, running for another term in Nov,

The latest talks are for assets worth an estimated $3 billion. tsik tsik…

The DRC has the worlds largest reserves of cobalt. Cobalt is used in jewerly, window tinting and painting among other things….

It is still not certain wether the IMF will hold off on loans to the DRC until the country’s mining sector is more transperant.

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