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The Democratic Republic of Congos president Joseph Kabila has signed the revised Mining Code into legislation, largely disregarding concerns and issued raised by key mining stakeholders. This means major mining houses such as LSElisted gold company Randgold Resources, amongst many others, will have to pay higher taxes and royalties .
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Bayport Gold Mining Ltd Matthew Kabila. Its one year on from the publication of our report river of gold exposing the links between chinese gold mining companies and armed groups in eastern congo and disappointingly little has been done to address the chronic corruption and lack of
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The Mining industry of the Democratic Republic of the Congo is a significant factor in the world''s production of cobalt, copper, diamond, tantalum, tin, and gold. It is the Democratic Republic of the Congo''s largest source of export income. In 2009, the Democratic Republic of the Congo (DRC) had an estimated 24 trillion in untapped mineral deposits, including the world''s largest reserves of
Mining Code tax benefits extended to mining companies subcontractors only if they are controlled by Congolese shareholders. Royalties increased from 2% to % for nonferrous and base metals and from to % for precious metals and calculated on the gross market value of the products.
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Kabilas determination not to state what his plans are for the 2016 election has resulted in a completely unpredictable political situation, in which antigovernment protests in Kinshasa and
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