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Mining transparency initiative EITI suspends Congo, cites failure to disclose mineral revenues

The Extractive Industries Transparency Initiative says it is suspending Congo's membership for a year over failures to disclose all mineral and oil revenues.

A statement Thursday says that despite "significant progress" the country still has not presented reliable figures to the Oslo-based organization working to increase accountability and governance in mining by companies and governments.

The organization's last report, for 2010, has Congo's government reporting mining revenue of $875,938,727 and companies reporting payments to the government of $773,021,963. That is an improvement on the previous report, for 2009, where the government reported revenue of $255,218,632 against the companies' $293,448,340.

Corruption is endemic in mineral-rich Congo. The International Monetary Fund canceled its loan program there last year because the government refused to reveal details of mining deals.