DRC miners optimistic issues around new code can be resolved
Mining companies operating in the Democratic Republic of Congo (DRC) are hopeful that their current engagement with civil society and other key interest groups will contribute to a better understanding of certain issues that need to be dealt with before the country’s new mining code is implemented.
The mining companies that are currently in discussions with civil society and the DRC government include Randgold Resources, Glencore, Ivanhoe Mines, Gold Mountain International/ Zijin Mining Group, MMG Limited, Crystal River Global, China Molybdenum and AngloGold Ashanti.
The industry submitted a formal proposal to the DRC Ministry of Mines on March 29, which was aimed at addressing concerns about the new mining code.
The industry’s proposal includes provisions to explicitly preserve mining agreements entered into previously by government, while proposing a sliding scale on royalties for copper, cobalt and gold, which, in the industry’s view, would be a more effective mechanism for government to share in higher commodity prices than the windfall tax and strategic minerals stipulations contained in the new code.
The Ministry of Mines has not yet formally responded to the industry’s proposal.
Mining companies, however, believe a way forward can be found, which would be in the best interests of all parties.
“A mutually acceptable solution would support and encourage the substantial investment the DRC requires for the optimal development of its mineral resources and the growth of its economy,” the companies noted in a joint statement issued last week.
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