Between 2010 and 2012, Gécamines and other state companies sold stakes in several of Congo’s most valuable mines for at least $1.36 billion less than their market value, …
Some $750 million due to Gécamines by corporate partners between 2011 and 2014 could not reliably be traced to the company’s accounts, the Carter Center also found. The anticorruption watchdog Global Witness said that more than $750 million in mining revenues paid to Congolese state entities were lost between 2013 and 2015.
The front page lead-in to this story is “Why isn’t Cobalt Making Congo Rich?”
The journalists apparently never considered the question “What if we divide these numbers by 87 million?” (Congo estimated 2019 population, which the CIA says is growing at a rate of 2.3 percent annually)
Suppose that we accept the worst case analysis in the NYT article. A total of $2.1 billion has been stolen from the people of Congo. How “rich” would they have been if not for this theft? That works out to $24 per person.
Readers: What accounts for the reluctance of the media to admit that, even in a perfectly administered situation, a large population cannot get rich off a handful of cobalt mines?