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Blood Minerals

The economics of conflict minerals in Central Africa
by

Jordan Hum

on 29 November 2012

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Transcript of Blood Minerals

ECONOMIC CONFLICT The Economics of Conflict Mineral in the DRC Background Problem Economic Environment Alternatives Future Solutions? Solutions ? Formally known as the Belgium Congo, and before that "The African Congo Free State"
It is one of the most underdeveloped countries in Africa
3rd world with rich mineral deposits, but ravaged by instability The Labor Force - Youth employment is at a record low 70% in the 14-24 age group, there is no strategy to get these young people jobs, due to this weakness in employment structure young people usually turn to other illegal means of generating money

-Of the 9000 graduates from congolese universities each year, fewer than 100 actually find jobs

-15 kilos of coltan every day from an average mine @ $30 per kilo, $13,500 per month, most people work for 1 dollar a day -DRC is estimated to have $24 trillion worth of untapped deposits of raw minerals
- Combined GDP of Europe and US
- Foreign Involvement
- Over 25 international mining companies
- 9 of them were canadian Is there a
solution? Conclusion : US legislation requiring 100% traceability US forcing bag tags to ensure the origin, but,,,,

Does the US legislation hurt small scale miners by favoring larger mines with funding for traceability

Ask yourself do you think the regulations help or hurt the economy in Congo? Ian DR Congo mining transparency site launched
- http://www.congomines.org
The Carter Center - a rights organization founded by former US president Jimmy Carter - launched the site with funding from the government of Belgium, the former colonial power. SEC votes on Section 1502 of the Dodd Frank Act US Imposed Ban was lifted in March 2011,
-This allowed independent miners back to work Solutions from the 'Mericans Transparency Accountability - Be aware of what goes into your products
- Do your research
- Make your favorite companies accountable - 2010 Congo received a bailout in the form on a cancellation on remaining debt from the Heavily Indebted Poor Countries Initiative

- 2011 GDP in DRC slowed to 6.5%, a reduction from 7.2% in 2010

- End of 2011 Public Finances reports a deficeit of 6.3% GDP, due to overspending while financing........../drum roll

- 70% of the population is affected by poverty in a country which has no social protection policy

-Sitting on an estimated 24 trillion dollars in untapped raw minerals - 1 million women between 15-49 are undernourished

- 700 children under the age of 5 die each day

- 47% of population have access to drinking water

- 9% have access to electricity

- 7.1 million children do NOT attend school Think
About
This The BIGGER Picture Thank you

Questions ? Historical background - History of Occupation, from the Portuguese
to the Belgians from 1870's to 1920's

- Gained Independence in 1960, leader Patrice Lumumba takes power

-The country quickly falls into a political leadership crisis

- Lumumba is kidnapped and assassinated, in a Mutiny and Coup, planned and executed by his own Military Chief of Staff Joseph Mobutu - Mobutu seizes power assumes dictatorship and renames country to "Zaire"
- Reverting policies and creating a 1 Party State
- Pillages the resources for personal wealth
- Government turns into a "Kleptocracy", Infrastructure fails, corruption takes hold Launches cross border
attacks on Angola - Insures Mobutu support from the US in form of Military and financial aid - As the Cold war ends so does the US financial aid
- In 1994 Fugitive Rwandan Hutu Militias flee to Eastern Zaire
- Mobutu is overthrown in 1997
- Kabila takes over... and then is assassinated a short time later, succeeded by his son The next decade or so in short...

- assassinations
- civil war
- regime changes
- 5.5 million dead At the heart of it all... minerals and wealth...
tantalum (coltan), tin, and tungsten Background DRC Economy & Foreign Involvement
Full transcript