|Photo Credit: Sebastian Meyer
Late in January Sinohydro Corp and China Railway Group Limited re-negotiated their plunder of the Democratic Republic of the Congo (DRC). They hold 68% of Sicomines, a joint copper and cobalt mining venture with a local corporation. The two Chinese corporations will pay a pitiful royalty of 1.2% on gross sales.
The Chinese firms also pledged to invest $7 billion in infrastructure in the Congo during the life of the agreement. However, in the previous contract they had agreed to put in $3 billion but actually invested only $822 million.