Congo plans to reintroduce mining code revision next week
KINSHASA – Democratic Republic of Congo's government plans to reintroduce legislation in Parliament next week to revise the mining code a year after withdrawing it amid fierce opposition from mining companies, the mines minister told Reuters on Friday.
The government of Africa's largest copper producer suspended consideration of the revised code in March 2016 due to low commodity prices. Companies said its increased royalties and shortened stability clauses would make their projects unprofitable.
Mines Minister Martin Kabwelulu did not say whether the legislation, aimed at boosting government revenues, would be identical to the earlier proposal.
Representatives from the industry-led Chamber of Mines could not be reached immediately for comment.
Low commodity prices since 2015 have left the government in desperate need of cash and caused the franc currency to lose half its value since last year. The mining and oil sectors account for about 95% of export revenues.
Congo's copper production jumped more than 20% in the first quarter of this year as prices recovered. The Chamber of Mines expects annual production to hit about 1.5-million tonnes in 2018, up from around 1-million in 2016.
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