An ad hoc commission will seek to evaluate the proven and probable mineral reserves at the Tenke Fungurume Mining (TFM) project based on exploitation of the site to date by China Molybdenum, the office of DRC President Felix Tshisekedi said.
Gecamines -- wholly owned by the DRC government -- holds 20 percent of TFM, with China Molybdenum holding the remainder.
The valuation exercise is intended "to allow Gecamines SA and, by extension, the Congolese state, to reclaim its rights fairly" in one of the country's major sources of revenue.
During a visit to the mining town of Kolwezi in May, Tshisekedi announced his intention to renegotiate mining contracts, particularly those concluded by his predecessor Joseph Kabila.
"It is not normal that those with whom the country has signed exploitation contracts are getting richer while our people remain poor," he said, adding: "It is time for the country to readjust its contracts with the miners in order to seal win-win partnerships."
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