KINSHASA - Seven billion dollars is the amount Chinese construction companies — including Sinohydro Corp and China Railway Group — agreed to invest in infrastructure projects in Democratic Republic (DR) of Congo.
It follows a renegotiated agreement over their Sicomines copper and cobalt joint venture.
The agreement stipulates that the Chinese companies will pay 1.2% royalty on the proceeds of Sicomines venture annually to DR Congo.
State miner Gecamines will gain the right to market about a third of the venture’s output, according to a statement released Saturday.
The renewed deal follows President Felix Tshisekedi’s push for the restructuring of a $6.2 billion contract between the two countries agreed in 2008 which he said provided little benefit to his country.
