The Democratic Republic of Congo (DRC) is both the poorest and one of the wealthiest countries in the world. Though the country has one of the largest reserves of minerals and natural resources — including copper, cobalt, gold, oil, diamonds, uranium, and coltan — the entrenched effects of war, corruption, colonialism, and more recently, the move towards neoliberal economic globalization, have made sure that this wealth never really ‘trickles down’ to the people of the DRC despite the wishful promises of market capitalism.
Instead, it is used to make the rich richer and the poor even poorer.
In a recent reveal from the Panama Papers, it came to light that the largest mine in the DRC just sold for $2.65 billion, and the country didn’t get a cent of it.
The deal was struck up between copper-producer and mining giant Freeport McMoran and China Molybdenum Inc. (CMOC) three months ago, where Freeport decided to sell its 56 percent stake in the mine to work towards paying off its global debt bills. It seems, however, the DRC government was left entirely in the dark about this deal, in spite of its 20 percent stake in the Tenke Fungurume copper mine, and only found out about the transaction once it was over. Full story...
Related posts:
Instead, it is used to make the rich richer and the poor even poorer.
In a recent reveal from the Panama Papers, it came to light that the largest mine in the DRC just sold for $2.65 billion, and the country didn’t get a cent of it.
The deal was struck up between copper-producer and mining giant Freeport McMoran and China Molybdenum Inc. (CMOC) three months ago, where Freeport decided to sell its 56 percent stake in the mine to work towards paying off its global debt bills. It seems, however, the DRC government was left entirely in the dark about this deal, in spite of its 20 percent stake in the Tenke Fungurume copper mine, and only found out about the transaction once it was over. Full story...
Related posts:
- Panama Papers: offshore firm helped billionaires plunder Africa...
- Kofi Annan: Africa plundered by secret mining deals...
- Africa's wealth is being devoured by tyrants and vultures...
- Africa is being stolen bit by bit for the rich...
- Robert Mugabe's $1million birthday bash as Zimbabwe starves...
- African dictator's son orders £236 million luxury super yacht...
No comments:
Post a Comment