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D. R Congo plans to change mining code

D. R Congo plans to change mining code

Democratic Republic Of Congo

Democratic Republic of Congo has said that it still plans to change the country’s mining code,in an apparent retreat from comments made by the department’s minister on Wednesday.

According to Minister Martin Kabwelulu, the government had decided to maintain the country’s 2002 mining code due to the impact of low copper prices on the sector.

“We have not abandoned the plan to revise the code,” said Mukasa “The new draft mining code is still with parliament and the ministry could be called to defend it in parliament at any time.” he added.

We have not abandoned the plan to revise the code

The government of Congo had initiated the review of the mining code in 2012 in an effort to increase its revenues from the sector.

The country’s parliament had been presented with a draft code in March last year, but it has not been adopted due to opposition from the chamber of mines, an industry lobby group.

The proposals in the draft code included increasing profit taxes to 35 percent from 30 percent, the government’s free share of new mining projects to 10 percent from 5 percent and royalties on copper and cobalt to 3.5 percent from 2 percent.