DR Congo loses $750 million of mining profit through corruption

DR Congo loses $750 million of mining profit through corruption

The Democratic Republic of Congo has lost around US$750 million in mining revenue over the last three years as a result of corruption and mismanagement, concluded a campaign group.

A report published by Global Witness claimed that over 20% of DR Congo’s income from the mining sector has disappeared, and is being distributed through corrupt networks linked to President Joseph Kabila.

The report went on to suggest that the mining revenue goes missing after being paid to the state-owned mining company Gécamines, an accusation that the firm refutes.

“Congo’s mining revenues should be helping to lift its people out of poverty, but instead huge sums are being siphoned away from the public purse and into unaccountable agencies headed up by people with ties to political elites,” said Pete Jones, a senior campaigner at Global Witness.

DR Congo is Africa’s biggest producer of copper and the world’s largest producer of cobalt, both of which are used in the production of electric vehicles (EVs).

Therefore, the Central African nation is well placed to take advantage of the forthcoming EV revolution, yet its citizens remain among the poorest in the world.