Global miners join forces to challenge new Congo code – by Peter Hobson (Reuters U.S. – February 5, 2018)

https://www.reuters.com/

LONDON (Reuters) – International mining companies operating in Democratic Republic of Congo are mounting a coordinated campaign against a new mining code they say will stifle investment there, Randgold’s chief executive told Reuters.

Mark Bristow said he expects the DRC government to agree to amend the code, which the Senate passed last month and raises royalties on metals such as gold, copper and cobalt as well as taxes on the companies themselves.

Bristow said on Monday that higher royalties would discourage investment but the key objection was that the new code dispensed with a clause in the previous charter protecting miners from changes for 10 years.

International miners operating in Congo were putting together a formal group to spearhead lobbying efforts, Bristow said. Miners working in Congo include Randgold, Glencore, Ivanhoe and China Molybdenum Co.

“We are engaging with everyone from the top to every ministry – prime minister to ministers of mines, ministries, civil society, senators, parliamentarians, foreign lenders, the whole nine yards,” Bristow said.

For the rest of this article: https://www.reuters.com/article/us-randgold-rsrcs-results-congo/global-miners-join-forces-to-challenge-new-congo-code-idUSKBN1FP1LT

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