DRC government to clarify mining code

DRC government to clarify mining code”

In early February, Randgold warned the African mining industry will be destroyed by unreasonable demands made by governments of African countries, in response to the new mining laws in the Democratic Republic of Congo.

"After the promulgation of the code, we are going to wait for the mining send us their concerns", Kabwelulu said.

After the meeting, which was postponed 24 hours by Kabila, the DRC government said in a statement (translated) he would listen to miners' concerns but not change the code.

Ivanhoe's share price was hit the worst (a 3% drop) because Kamoa-Kakula is the key project in its portfolio.

Under one provision in the proposed code, royalties on cobalt, a vital component in electric auto batteries, could increase fivefold to 10 per cent. If commodity prices rise faster than expected, it would create a 50-per-cent "superprofits" tax. It would also remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years - developments against which mining firms protested as it would discourage investment, miners argued. It is the world's top producer of cobalt, used in smartphones and electric cars.

The revised mining code has alarmed numerous world's top mining companies.

The importance of the issue was demonstrated vividly when the companies chose to send their highest executives in the delegation that flew to Congo's capital, Kinshasa, to meet Mr. Kabila.

Participants in the meeting included Glencore CEO Ivan Glasenberg, Randgold CEO Mark Bristow and China Molybdenum executive chairman Steele Li.

Democratic Republic of Congo's new mining code, which has been fiercely opposed by global companies, will be signed into law without changes, the prime minister of the central African country said on Thursday.

Congo's Prime Minister, Bruno Tshibala, told the Reuters news agency on Thursday that he was certain that Mr. Kabila will sign the new tax law without changes.

The code was passed by both houses of parliament last week but still has to be signed by the president before it becomes law. "It only remains to sign it off". He told last month the new rules were just "one more reason" for investors like his company to look elsewhere.

He said the worldwide mining companies had been "gored" but they were like "a herd of antelopes with our horns pointing out" as they formed a united front against the tax changes.

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