An agreement was signed between the Democratic Republic of Congo (DRC) and Chinese investors, revising certain terms of their Sicomines copper and cobalt joint venture, according to a senior government official.
"Today, at the end of several months of negotiations, we reached this advent," Reuters quoted DRC's infrastructure minister Alexis Gisaro as saying.
President Felix Tshisekedi had sought to renegotiate the terms of the joint venture to ensure greater benefits for Congo, which is the world's largest cobalt producer.
In the updated agreement, it has been mutually decided that China will increase its investment in infrastructure projects in the central African country to $7 billion, a significant increase from the initial $3 billion.
In addition, Chinese partners such as Sinohydro and China Railway Group have agreed to pay 1.2% of royalties annually to Congo while keeping the same shareholding structure.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
