$178 million dollar mining company subsidy in DRC

July 31, 2007

$178 million dollar mining company subsidy in DRC

The BBC is reporting that the World Bank has announced a $178 million dollar loan to the D.R. Congo to repair 1,700km of electric cables "to increase power for the mining sector."

Nevermind that only 6% of people in the DRC have access to electricity, the mining industry needs another massive subsidy.

Trotting out the oldest line in the book, World Bank representative Mr. O'Brian Kume says "The mining companies through their expansion will create job opportunities for people which will encourage other commercial activities and export revenues and taxes to the government."

Right, the trickle down effect. If the government is taking out a loan, ostensibly to be paid back by the people of Congo, the power should go to the people before it goes to mining companies.

Inexhaustive list of mining companies in the DRC

Africo Resources Ltd (Vancouver)
Anvil Mining Limited (Australia)
BRC Diamond Corporation (Toronto)
Banro Corporation (Toronto)
First Quantum Minerals Ltd (Vancouver)
International Barytex Resources Ltd (Vancouver)
Katanga Mining Limited (Toronto)
Melkior Resources Inc (Montréal)
Moto Goldmines Limited (Australia)
Simberi Mining Corporation (Toronto)
SouthernEra Diamonds Inc (Toronto)
Teal Exploration & Mining Incorporated (South Africa)
Tenke Mining Corp (Vancouver)
BARRICK GOLD (Toronto)
FREEPORT MCMORAN COPPER & GOLD INC - Formerly Phelps Dodge Corporation (USA)
GOVERNMENT OF THE DEMOCRATIC REPUBLIC OF THE CONGO
ICS COPPER SYSTEMS LTD. (Abbotsford)
PAN AFRICAN MINING CORP. (Vancouver)
SOCIETE DE DEVELOPPEMENT INDUSTRIEL ET MINIER DU CONGO