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Viewing cable 06KINSHASA216, NEW MANAGEMENT INSTALLED IN MINING PARASTATAL

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Reference ID Created Released Classification Origin
06KINSHASA216 2006-02-08 16:04 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Kinshasa
This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS SECTION 01 OF 02 KINSHASA 000216 
 
SIPDIS 
 
SENSITIVE 
 
USTR FOR WJACKSON 
 
E.O. 12958: N/A 
TAGS: EMIN ECON EINV EAID PGOV CG
SUBJECT: NEW MANAGEMENT INSTALLED IN MINING PARASTATAL 
 
REF: A. 05 KINSHASA 731 
     B. 05 KINSHASA 1195 
 
1.(SBU) Summary. The GDRC has finally taken a significant 
and long-delayed step in restructuring the mining 
parastatal, Gecamines, a dominant Mobutu-era mining 
operation.  January 18, a new management team took over the 
bankrupt Gecamines, though not to restore it to its former 
monopoly status as a mining giant.  Management faces 
daunting challenges, including a significant external debt 
load, years of salary arrears and bloated employee rolls, 
and pressure to reexamine the partnership agreements entered 
into during recent years of conflict.  Gecamines must depend 
on its private sector joint ventures to raise revenue, as it 
possesses no capacity to do so on its own.  Its continued 
existence is based more on political considerations than 
economic ones.  End summary. 
 
AN EXPANDED MANAGEMENT TEAM 
--------------------------- 
 
2. (U) After months of debate and preparation, a December 30 
presidential decree (published January 5) established a new 
management team and Board of Directors to launch the long- 
awaited restructuring of Gecamines (copper/cobalt/zinc 
mining).  The management team took office January 18. 
SOFRECO, a French consulting firm, is charged with the 
management reform, pursuant to its eighteen-month contract 
(funded by the World Bank) with COPIREP (the Congolese 
agency responsible for restructuring public enterprises). 
 
3. (U) The new management team includes three SOFRECO 
representatives in the positions of CEO, Financial Director 
and Deputy Technical Director. Paul Fortin, the CEO, is a 
mining law expert who has worked for several mining 
companies, including AngloGold Ashanti.  Board members 
include representatives of the offices of the President, of 
the Vice President in charge of the Economic and Financial 
Commission, and of the Ministries of Finance, Mines and 
Portfolio. 
 
MANY CHALLENGES 
--------------- 
 
4. (U) The new team faces many challenges in its attempts 
to revive the company. (Note: In 1986, the DRC's annual 
copper production peaked at 476,000 tons.  2004 copper 
production was 12,000 tons, and 2005 production was 16,055 
tons, despite Gecamines' optimistic estimates of 25,000 
tons.  End note.)  Its substantial debt burden and limited 
resources place it in a precarious position.  According to 
former Gecamines management, the parastatal has USD 1.7 
billion in external debt and salary arrears of as much as 
five years on a payroll that lists about 12,000 employees, 
almost none of whom are actually working.  A Gecamines 
official told Econ FSN that 10,334 are part of the labor 
force and 1,681 are executive staff. 
 
5. (U) Gecamines has no capacity to raise revenue through 
its own mining operations, as it did during the 1980s and 
earlier. It has few known, exploitable concession areas, 
only a handful of pieces of usable equipment (a few trucks 
and large excavators) and none of its own functional 
concentrators or processing plants.  According to its late 
2004 inventory, Gecamines owns interests in five 
concentrators and nine processing plants run by other 
companies. 
 
6. (U) To raise revenue, Gecamines has entered into 24 new 
exploration and exploitation concession agreements since 
2003, including with Phelps Dodge, Tilwezembe/Global 
Enterprise (a Dan Gertler-controlled entity), and Kamoto 
Copper Company (a George Forrest-controlled entity) 
(reftel B). However, among all the new partners, only the 
tailings projects are currently producing any copper and 
cobalt. 
 
YET MORE PRESSURES 
------------------ 
 
7. (SBU) In addition to its huge financial problems, 
Gecamines faces political pressure to unwind questionable 
concession agreements awarded beginning in 1997. 
Gecamines and other GDRC officials have contested several 
agreements made during this period.  A World Bank 
consultative team has reviewed all of Gecamines' joint 
ventures, as part of the IMF economic reform, and is 
preparing its report.  However, the provisions of the 2002 
mining code establish the specific conditions under which 
Gecamines' can alter or void contracts. 
 
Comment 
------- 
 
8. (SBU) The new management team certainly has its work 
cut out for itself if its intent is to justify Gecamines' 
future existance on purely economic grounds. End comment. 
 
MEECE