Just to follow-up on today's favourable announcement. From MiningNews. Cheers Janart.
MiningNews.net: DRC miners await new code
REVIVAL in one of Africa's most prospective, but worst governed, mining economies may be under way with the adoption of a new mining code in the Democratic Republic of Congo.
Canada's Tenke Mining is leading the push to rebuild Congo's shattered minerals sector with plans to spend US$1 billion on a new copper-cobalt project.
Other, smaller, projects are also awaiting clarification of Congo's new approach to business, including Australia's Anvil Mining, which has a small copper project at Dikilushi ready to proceed.
Congo's Minister of Mines, Simon Tumawako, says the new code ensures clear ownership title for project developers and an equally clear flow of tax revenue to the central government.
"It brings the entire mining sector under a common law," he said.
The new code means that companies will know which government department receives the rent on their titles (until now the wrong people have been paid), while import duties on equipment will be lowered.
As well as attracting foreign companies back into Congo, the World Bank and other lenders (and donors) have promised increased aid should Congo make major legal reforms such as the new mining code.