DRCongo suspends board and management of state diamond miner MIBA

File photo: A man washing diamonds in a mine in Africa. Getty

The Democratic Republic of Congo has suspended the board of directors and management of state-controlled diamond mining company MIBA, after an audit revealed significant irregularities, the government said in a statement.

The audit identified a host of problems including compliance, governance, production and financial management, the statement by DRCongo president’s office said following a council of ministers meeting on Friday.

It added that the country’s mines ministry will propose measures to revamp the company.

Founded in 1961, MIBA was formerly a jewel in minerals-rich Congo’s minerals industry, with gold, nickel and cooper in its portfolio. However, years of mismanagement, illegal mining, smuggling, and political instability have hobbled the company.

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