Glencore and other miners entreat Congo to rethink damaging new laws
Kinshasa — Mining companies in the Democratic Republic of Congo have urged legislators to rethink new legislation that could lead to acrimony between the government and the industry. Local subsidiaries of Glencore, China Molybdenum, Randgold Resources, Ivanhoe Mines and MMG sent a letter, which has been seen by Bloomberg, to Leon Kengo wa Dondo and Aubin Minaku, respectively the presidents of the senate and national assembly. They asked them to "suspend the process of adopting the text in its current version" and to "organise a true consultation of the mining industry". On December 8, the national assembly approved legislation that increases royalties on copper, cobalt and gold to 3.5%, introduces a profit-windfall tax and doubles the state’s free share to 10%. It also reduces the period during which contract stability is guaranteed to five years from 10 years. The bill has been transferred to the senate and, if passed, will be sent to President Joseph Kabila to be signed into law. ...
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