Posted AT 6:50 PM EST on 05/02/08
DR Congo wants bigger slice of mining profits
Scores of mining companies hoping to tap the billions of dollars worth of mineral riches in the Democratic Republic of the Congo were dealt a major setback Tuesday after the government indicated it wanted a bigger slice of their profits and said that all mining contracts would have to be renegotiated.
Congo's vice-minister of mines Victor Kasongo said that a "brief and open" appeal process will be created to help "fast track" the renegotiations.
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