Congo suspends board and management of state diamond miner MIBA

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Uncut diamonds from Africa and Canada are seen at De Beers headquarters in London, January 17, 2011. REUTERS/Stefan Wermuth/Files
FILE PHOTO: Uncut diamonds from Africa. REUTERS/Stefan Wermuth/Files

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 Congo president’s office said following a council of ministers meeting on Friday.

It added that Congo’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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