Posted in | Mining Business

First Quantum Minerals in More Strife with the Government of the Democratic Republic of Congo

Canadian-based mining and metals company First Quantum Minerals, is facing charges of embezzlement in an investigation opened by the government of the Democratic Republic of Congo. The Canadian mining firm is being allegedly investigated for Tax fraud.

The statement issued by the company strongly denied any wrong doing and said that the behaviour of the government of Congo raised grave concerns.

The Congolese Minsiter of Mines, Martin Kabwelulu Labilo said that the government is planning to initiate an independent forensic audit into the allegations that First Quantum Minerals is facing about its operations in the country.

In a bid to protect its rights to the Frontier copper mine, First Quantum Minerals is seeking international arbitration after its operations at the mine were suspended last week. CEO, Philip Pascall is hoping that the arbitration case will be heard by Washington’s International Centre for Settlement of Investment Disputes. It would take about two to three years for a resolution.

First Quantum is also in arbitration over its Kolwezi tailings project in the Democratic Republic of Congo in the International Chamber of Commerce Court of Arbitration in Paris. This case is expected to be resolved by 2011 as per Phillip Pascall.

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