Chinese companies to invest US$7bil in Congo mining

KINSHASA: Chinese construction companies will invest up to US$7bil in infrastructure projects as part of an agreement over their Sicomines copper and cobalt joint venture in the Democratic Republic of Congo.

Both parties agreed to maintain the current structure of the shareholding, while the Chinese partners, Sinohydro Corp and China Railway Group Limited, will pay 1.2% of royalties annually to Congo, according to a statement last Saturday.