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Annan Says Deals on ENRC, Glencore Mines Cost Congo $1.4 Billion
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The Democratic Republic of Congo lost out on about $1.4 billion in revenue by selling undervalued copper and cobalt deposits now controlled by Glencore Xstrata Plc and Eurasian Natural Resources Corp., a group led by former United Nations Secretary-General Kofi Annan said.
The figure represents a “small share” of overall losses as state-owned companies underpriced assets they sold to companies owned by Israeli billionaire Dan Gertler between 2010 and 2012, the 10-member African Progress Panel said in a report released at the World Economic Forum on Africa in Cape Town.