DRC Diamond Miner MIBA Nearing Deal with Fametal

Mining and Exploration
18/02/2015 23:48

Eyeing a recovery after having been in dire straits for years, DRC miner MIBA is negotiating a cooperation agreement with Chinese company Fametal. The deal would secure Fametal the rights to mine in MIBA concessions on the Sankura River. In return, the Chinese company would pay royalties for exploration rights.

It is estimated that a $20 million investment is needed for the MIBA recovery, with the Congolese government having earmarked $10 million already. DRC industry experts hope that Fametal will provide the rest, and that MIBA can build on its modest gains in 2014.