adminKINSHASA. — The Democratic Republic of Congo’s government plans to reintroduce proposed changes to the country’s mining code, an adviser at the Mines Ministry said.
The ministry is preparing
legislation that will be presented to legislators, Joel Adelard
Ngoy Kasongo said by phone on Friday from the capital, Kinshasa.
Mines Minister Martin Kabwelulu couldn’t immediately be reached for comment.
A draft of a revised mining code that increased taxes and royalties for companies was approved by legislators in March 2015 and then dropped because of a decline in metal prices and industry opposition.
The proposal 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.
Congo is Africa’s biggest copper producer and the world’s largest source of cobalt, which is used to make rechargeable batteries. — Bloomberg.
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