Congo’s $7 Billion Deal With China Linked to Copper Price Under New Contract

(Bloomberg) —A revamped minerals-for-infrastructure deal between the Democratic Republic of Congo and China that will send billions of dollars in financing to the Central African nation is contingent on the price of copper, according to a newly published contract.

Congo signed an updated agreement in March to its 2008 deal to trade copper and cobalt from a joint mining venture known as Sicomines for development funding. Under the new contract published on May 3, Congo will get $324 million annually for infrastructure projects from its Chinese partners through 2040 as long as the copper price remains above $8,000 per ton.