Mining companies warn DRC of $3bn loss if new mining code proceeds
Kinshasa — Mining companies in the Democratic Republic of Congo (DRC) told the government it will lose more than $3bn over a decade and face legal action if plans to implement a new industry code proceed. Miners, including Glencore and Randgold Resources, are demanding the government abandon aspects of the legislation approved by President Joseph Kabila in March. Discussions about the regulations that will be used to implement the new law concluded earlier this month and the industry says the negotiations failed to address their concerns. "There can be no ambiguity, from a governmental point of view, as to the intention of the mining companies to protect their rights" if the legislation is applied, a group representing investors, including Randgold, Glencore, Ivanhoe Mines and China Molybdenum, said in a note submitted on April 30 to the mines ministry. The note, which hasn’t been made public, was shown to Bloomberg by two people familiar with the negotiations, who asked not to be i...
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