The audit identified a host of problems including compliance, governance, production and financial management, the statement by Congo president`s office said following a council of ministers meeting on Friday.

It added that Congo`s mines ministry will propose measures to revamp the company.

Founded in 1961, MIBA was formerly a jewel in minerals-rich Congo`s minerals industry, with gold, nickel and cooper in its portfolio. However, years of mismanagement, illegal mining, smuggling, and political instability have hobbled the company.