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Congo Government experts to meet for new mining code

The Democratic Republic of Congo said it was convening government experts on Wednesday ahead of talks set to begin on Friday with mining companies about implementing a new mining code that hikes taxes and royalties.


Reuters Congo
Updated: 21-03-2018 17:20 IST
Congo Government experts to meet for new mining code

n a statement after a cabinet meeting on Tuesday, the government said it was "determined to defend national interests" in the talks.(Image Credit Representative Image)

The Democratic Republic of Congo said it was convening government experts on Wednesday ahead of talks set to begin on Friday with mining companies about implementing a new mining code that hikes taxes and royalties.

President Joseph Kabila signed the new code, which replaces a predecessor from 2002, earlier this month despite strong objections from industry, which said it would scare off investment and violate existing agreements.

In a meeting, before he signed the code, Kabila assured the companies their concerns would be discussed in the follow-up talks.

Mines Minister Martin Kabwelulu told reporters on Wednesday that the talks with major companies present in Congo, including Glencore, Randgold, China Molybdenum and Ivanhoe, would begin on Friday.

The miners say they expect the negotiations to focus on recognition of 10-year protections against changes to the fiscal and customs regime they enjoyed under the previous code but that were annulled by the new law.

However, officials in Congo, which is Africa's top copper producer and mines more than half the world's cobalt, have said that no compromises reached in the talks can contradict provisions in the code.

In a statement after a cabinet meeting on Tuesday, the government said it was "determined to defend national interests" in the talks.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : CongoCongo Dem. Rep.

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