Part of the Stock Digest group of websites: Visit Tech Stock Digest  

Global miners join forces to challenge new Congo code

International mining companies operating in Democratic Republic of Congo are mounting a coordinated campaign against a new mining code they say will stifle investment there, Randgold’s chief executive told Reuters.

Mark Bristow said he expects the DRC government to agree to amend the code, which the Senate passed last month and raises royalties on metals such as gold, copper and cobalt as well as taxes on the companies themselves.

Bristow said on Monday that higher royalties would discourage investment but the key objection was that the new code dispensed with a clause in the previous charter protecting miners from changes for 10 years.

International miners operating in Congo were putting together a formal group to spearhead lobbying efforts, Bristow said. Miners working in Congo include Randgold, Glencore, Ivanhoe and China Molybdenum Co.

“We are engaging with everyone from the top to every ministry - prime minister to ministers of mines, ministries, civil society, senators, parliamentarians, foreign lenders, the whole nine yards,” Bristow said.

“There’s no one that’s international and has significant investment in the mining industry (in Congo) that has declined the invitation (to join),” he said.

Asked whether he considered the new code illegal, Bristow said: “It’s attempting to disregard a law approved and passed by the House and the Senate. If the new code is attempting to ignore the previous laws then it is.”


Ivanhoe chairman Robert Friedland said his company expected the government would respect and protect the spirit and the letter of the existing mining code.

“However, there remains the distinct possibility of unified, industry-led actions if the proposed changes do become law,” he said in a statement on Monday.

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.



Name Last Change
DOW 25861.10 0.40%
S&P 500 2753.17 0.75%
NASDAQ 7863.29 0.54%
TSX 16327.38 0.02%
TSX-V 690.78 0.00%

Resource Commodities

Name Last Change
Gold 1192.48 0.12%
Silver 14.75 0.00
Copper 2.66 0.040
Platinum 796.00 0.19%
Oil 66.43 0.78%
Natural Gas 2.94 0.17%
Uranium 26.13 1.28%
Zinc 1.08 0.00%


Part of the Stock Digest family of websites
Small Cap Stock Digest