THE Democratic Republic of Congo president, Joseph Kabila, is to meet with mining companies tomorrow (Tuesday, March 6) regarding proposed changes to the central African country’s mining code, said Reuters citing a text message from mines minister, Martin Kabwelulu.
The bill was adopted by parliament late in January but the industry has been lobbying Kabila not to sign it, saying it would discourage investment and violate existing agreements. International mining companies in Congo, Africa’s largest copper producer, include Randgold Resources, Glencore and China Molybdenum, said Reuters
The code could see royalties on cobalt, a vital component in electric car batteries, increase five-fold to 10%. It would also remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years. Kabwelulu did not elaborate on the proposed meeting, said Reuters.
