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Article

11 Mai 2016

Auteur:
Southern Africa Resource Watch (SARW) (Rép. dém. du Congo)

SARW concerned on the lack of transparency in the sale of Freeport (TFM) shares to China Molybdenum company

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The opacity surrounding the sale of Freeport-McMoran shares into Tenke Fungurume Mining (TFM) to China Molybdenum has raised serious concerns from the population...The sale raises the following major concerns: The lack of transparency in the process to conclude the sale of Freeport shares...Neither the State nor its mining company, GECAMINES, were involved in the discussions that led to the sale...GECAMINES...says they were not informed prior to the transaction...It is not quite sure the new buyers will comply with all local development mechanisms put in place by Freeport in this project. Despite the assurance given by Freeport in its press release issued on 9 May 2016 indicating that the same long-term development objectives will be pursued by China Molybdenum, SARW fears that these development mechanisms will not be respected by CMOC, due to negative experiences involving Chinese companies for local development. Disregard of human and communities rights characterising Chinese investors raises justified concerns within the Congolese opinion. It is necessary that, as preconditions, the Government formally requests from the new buyer to respect human rights, the rights of the employees and live up to the corporate social commitments made by Freeport McMoran. The development of all the phases of the TFM project remains hypothetical. In TFM feasibility study, it was planned that three phases would be conducted in the project...SARW fears that the third phase might not be implemented or that it will with additional investments...

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