Jun 19, 2018 Last Updated 7:55 AM, Jun 12, 2018

DRC mining code regulations signed into law

DRC mining GwennABN - Regulations to implement Democratic Republic of Congo's new mining code have been signed into law with no changes, despite complaints from top mining firms operating in the country.

DRC’s Prime Minister Bruno Tshibala’s advisor Patrick Mutombo Buzangu told Reuters that the regulations were signed into law on Saturday.

The PM’s legal counsel Anita Lwambwa later confirmed that none of the changes being demanded by the mining industry had been made.

"The decree fully implements the mining code promulgated by the President of the Republic in March," she said.

The controversial new code, signed by DRC President Joseph Kabila in March, will impose a windfall profits tax on mining firms and increase government earnt royalties in the sector.

Mines Minister Martin Kabwelulu announced last week that no concessions would be made to the mining industry, after a cadre of top companies demanded for key provisions to be amended.

The move comes ahead of the DRC Mining Week expo and conference, where Randgold Resources CEO Mark Bristow will speak to attendees. Randgold has been at the forefront of the mining delegation pushing for changes to the code.

@ABNetworkOnline

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