Friday , November 16 2018

Congo miners seek code concessions

Bloomberg

Miners in the Democratic Republic of Congo are seeking concessions under the nation’s new industry code and holding off challenging it through arbitration, in the hope they can still wring out a compromise in the world’s main source of cobalt and Africa’s biggest copper producer.
Producers including Glencore and Randgold have opposed the new code that raised royalties, introduced taxes and canceled a clause that would have protected them against fiscal changes for 10 years. While arbitration is still an option, they’re trying to get government back to the negotiating table. The miners submitted their counter-proposals in March but have yet to receive a response.

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