Announcement on DRC’s strategic minerals due ‘very soon’, minister says
The Democratic Republic of Congo’s (DRC’s) government will soon announce which minerals are to be designated "strategic" and subject to a 10% royalty rate, the mining minister said. The DRC’s updated mining code, signed by President Joseph Kabila in March and applied since regulations were finalised in June, introduced new taxes and hiked royalties on all metals — including raising copper and cobalt to 3.5% from 2% and gold to 3.5% from 2.5%. The law also established the category of "strategic" minerals, to which a rate of 10% will apply, though the state has not yet identified which metals will be affected. "A decree from the prime minister will be able to do it very soon," minister Martin Kabwelulu said by e-mail on Friday. "My experts are working on it." The mining code is contested by major investors including Glencore, China Molybdenum and Randgold Resources, which have said they may launch international legal challenges against the reforms if they aren’t softened significantly...
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