DEMOCRATIC Republic of Congo will begin enforcing a long-delayed rule requiring miners to hand over local ownership stakes from 31 July, Reuters quoted the mines ministry as saying. This was despite pushback from some of the world’s largest copper and cobalt producers, the newswire added.
Reuters had previously reported that miners in Congo, the top global cobalt producer and second-largest copper source, were lobbying to postpone enforcement of a 2018 law obliging companies to transfer 10% of equity to Congolese nationals, 5% of it earmarked for employees. No company has yet complied, citing unresolved implementation questions.
In January, Kinshasa told firms including Glencore, Ivanhoe Mines, CMOC and Huayou Cobalt to demonstrate compliance by end-July or risk sanctions, according to a letter seen by Reuters. The ministry restated the deadline on X on Tuesday, following talks with miners over a decree governing how the rule will work, saying companies “will have to comply with the legal provisions regarding Congolese participation in their share capital.”
Participants agreed the decree should be signed after minor technical changes, with an ad hoc committee formed to finalise them; details were not disclosed, nor were potential penalties for non-compliance.
Congo is weighing interest-free loans and cooperatives to help staff fund their stakes. The state already holds a free 10% interest in mining projects under the 2018 code and can expand its ownership through paid acquisitions when licences are renewed.
