DRC govt mum on whether Kabila signed new mining code

The new code which parliament approved late last month could see royalties on cobalt increase five-fold to 10%.

FILE: DRC President Joseph Kabila. Picture: AFP

JOHANNESBURG – The Democratic Republic of Congo's government remains mum on whether President Joseph Kabila has signed a new mining code into law that the industry has opposed, saying it will raise royalties and taxes.

The new code, which parliament approved late last month, could see royalties on cobalt increase five-fold to 10%.

It also removes a clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years.

International mining companies in Congo, including Randgold and Glencore, say they will challenge the new law through international arbitration and are lobbying Kabila not to sign it.