Battle lines drawn as companies reject DRC’s proposed mining code

May 08, 2013 | 11:41 AM | Felix Njini

Tags  Democratic Republic of Congo, DRC, mining code, copper, cobalt, iron ore, diamonds, gold mining

WINDHOEK, Namibia — Mining companies in the Democratic Republic of Congo (DRC) have raised objections to the government’s proposed mining code, describing some clauses as "a step backwards."

The revised mining tax regime is counterproductive and a breach of stability clauses that were signed by companies in 2002, according to the DRC’s Chamber of Mines.

Mining companies are opposed to the government’s proposal to hold a 35-percent share in mining projects, in addition to the 5 percent the state is entitled to buy under the existing code. The move would be "perceived and interpreted by investors as partial nationalization of their companies," the chamber said.....

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