September 19, 2017 / 8:06 AM / 3 years ago

Congo's Gecamines to set new rules to share out mining proceeds

Machinery is seen at the Congolese state mining company Gecamines' copper plant in Kambove, in the southern region of Katanga, file. REUTERS/Jonny Hogg

JOHANNESBURG (Reuters) - Congo state miner Gecamines said on Tuesday that foreign partners in copper and cobalt projects may have artificially minimised Gecamines’ proceeds and that it intends to to implement new controls to “hold its partners accountable”.

Gecamines said that the preliminary results of audits conducted on its partnerships “indicate that Gecamines’ partnerships may have not been managed in the best interest of all shareholders, particularly the minority shareholder Gecamines”.

Reporting by Aaron Ross, editing by Louise Heavens

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