This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Miners In Congo Start Petition To Resume Digging

By NICK LONG

GOMA, Congo (AP) â¿¿ Miners in eastern Congo are seeking to go back to work in territory that has been under a mining ban for three years and is blacklisted by U.S. legislation, according to a petition made public Friday.

Their petition, which calls for mines in Walikale territory to be allowed to restart production, was signed by five cooperatives of artisanal miners as well as mine owners, traditional chiefs and other supporters.

The ban was imposed across much of eastern Congo on the grounds that minerals were funding armed groups. It extends to nearly all of the mines over an area many times the size of Walikale.

Congress's 2010 Dodd-Frank Act, which requires American companies trading in Congolese minerals to conduct due diligence checks, has reinforced the ban.

Friday's petition says the security situation in Walikale would allow for the resumption of mining activities, whereas a continuation of the ban "risks having serious effects on security owing to increased youth unemployment."

"Local communities have succeeded in persuading some of our young people to quit the armed groups, but as there is no work in the villages they are often tempted to go back," said Prince Kihangi Kyamwami, a traditional leader in Walikale who helped organize the petition.

Kyanwami said there is no activity by armed groups at three-quarters of the mines in Walikale.

"Buyers can come from China or anywhere. We have a project to build a modern village in Walikale, and any company that is interested in helping us, whether it is Nokia, Motorola or a Chinese company is welcome to a share of our minerals," he said.

The Dodd-Frank Act requires U.S.-listed companies trading in tin, tungsten, tantalum and gold to show their supplies have not come from Congo or else to state what steps they have taken to ensure the minerals did not fund conflict.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs