Congo Resources

[Berliner]

DRC's Gecamines aims to settle $2.4 bln debt
Wed Feb 7, 2007 10:08 AM GMT147

CAPE TOWN (Reuters) - Congo's state mining group Gecamines wants to settle its $2.4 billion debt burden, it said on Wednesday.

Managing Director Paul Fortin told a presentation at the Indaba African mining conference in Cape Town the group was looking at "settlement with a discount" for the debt, but did not give further details.

Gecamines, whose output tumbled as mining operations closed during Congo's civil war, is seeking to restructure and revive its operations.

A small part of its debt has been repaid, but the remainder is a burden on the Democratic Republic of Congo mining group, Fortin said.

"It is still very substantial, but it has been managed and contained," Fortin said.

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