DRC New Mining Code

  1. 206 Posts.
    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.

 
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