Battle lines drawn as companies reject DRC’s proposed mining code
May 08, 2013 | 11:41 AM
| Felix Njini
WINDHOEK, Namibia Mining companies in the Democratic Republic of Congo (DRC) have raised objections to the governments 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 DRCs Chamber of Mines.
Mining companies are opposed to the governments 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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.