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Congo’s Kabila to sign new mining code soon after meeting with miners

Democratic Republic of Congo President Joseph Kabila will soon sign into law a new mining code, the government and the country’s mining companies said on Wednesday. The code has been vigorously opposed by the miners.

The announcement followed a nearly six-hour meeting between Kabila and mining executives in Kinshasa about the new code, which will raise taxes and remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years.

“The president of the republic assured the miners … that their concerns will be taken into account through a constructive dialogue with the government after the promulgation of the new mining law,” a joint statement said.

Glencore, Randgold and China Molybdenum all operate mines in Congo, Africa’s top copper and cobalt producer, and have said the changes in the code adopted by parliament in January would scare off new investment and violate existing agreements. Ivanhoe is developing a mine and upgrading another that is not currently in production.

The announcement followed a nearly six-hour meeting between Kabila and mining executives in Kinshasa about the new code, which will raise taxes and remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years.

“The president of the republic assured the miners … that their concerns will be taken into account through a constructive dialogue with the government after the promulgation of the new mining law,” a joint statement said.

Glencore, Randgold and China Molybdenum all operate mines in Congo, Africa’s top copper and cobalt producer, and have said the changes in the code adopted by parliament in January would scare off new investment and violate existing agreements. Ivanhoe is developing a mine and upgrading another that is not currently in production.

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