The Democratic Republic of Congo lost at least $725m (£612.2m) in potential revenues between 2010 and 2012 as a result of miner ENRC undervaluing state assets, a panel led by former UN secretary general Kofi Annan has alleged.
Five mining deals, three of which involve ENRC, cost the African nation $1.36bn over the period as a result of the alleged undervaluation, the Africa Progress Panel said.
“No country better illustrates the high costs associated with opaque concession trading than the Democratic Republic of the Congo,” it said.
“Total losses from the five deals reviewed were equivalent to more than double the combined annual budget for health and education in 2012.”
The annual report, on challenges associated with natural resources in Africa, said there was no inference of illegality on the part of political leaders or the companies involved.
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