MIBA

Société Minière de Bakwanga ("Bakwanga Mining Company" in English), called MIBA for short, is a state-owned Zairian mining company that produces most of the country's diamonds, from alluvial deposits near Mbuji-Mayi (the capital of Kasai-Oriental) and from kimberlite deposits. Along with Gécamines, it is one of the largest, most productive, and most prosperous (or, depending on one's perspective, the "least impoverished") corporations in Zaire. The MIBA concession covers 62,000 square kilometers. MIBA's production is marketed by a subsidiary of the South African company De Beers, with whom President Mobutu has negotiated a guaranteed price per carat. Diamond ore in Zaire yields about 6 carats per cubic meter. About 90% of diamonds produced are industrial quantity, with the other 10% being gem quality. Unfortunately, the corporation is in dire straits, due to rampant corruption and looting (the perimeters are difficult to patrol, making it easy for people to sneak in and help themselves to diamonds). The country is the world's third largest diamond producer, surpassed only by Australia and Botswana.
Category:Zairian corporations