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Congo's state-owned mining company Gecamines has no plans to sell further assets to help it fund an ambitious five-year drive to turn it into a major producer after two decades of dwindling output, Chief Executive Ahmed Kalej Nkand said.

Gecamines, which owns dozens of exploration concessions in the country's copper-producing south and has stakes in more than 20 mining companies, has sold assets including a 20 percent stake in Glencore-operated Mutanda Mining last year.

It was expected to put more on the block as it battles to meet its aim of boosting copper output to 100,000 tonnes a year in 2015, up from around 20,000 tonnes at the moment.

But Kalej Nkand said there were no further plans for sales to help it meet its funding needs, estimated at $631 million.

“We said 40 percent of (Gecamines's) funding needs were covered, and some of those funds came from recent sales. But we do not expect further sales, at least not to finance the rest of the plan,” he told an industry conference.

Mines Minister Martin Kabwelulu said the main reason for the earlier sales was the government's difficulties in contributing to the cost of Gecamines' overhaul.

“We did an inventory of all the joint ventures that were not viable ... and we said we have to sell these (stakes) and allow Gecamines to follow its relaunch strategy,” Kabwelulu said.

“Now that Gecamines has the necessary funds, I do not think we can allow further sales,” he said.

He added Gecamines and other state-owned mining bodies, all aiming to boost Congo's slice of growing global resources revenues, would no longer accept “useless” joint venture deals, which did not give them a significant stake.

Neither official specified how much cash was raised through the divestments.

Success, Kabwelulu said, would come from exploration, on which Gecamines intends to spend $70 million as part of its plans. It could then seek partnerships to develop any finds.

The overhaul of Gecamines, once one of Africa's largest copper producers, is also due to slash its $1.5 billion debt burden and cut back the number of employees, whose average age is currently 55. - Reuters