Miners operating in the Democratic Republic of Congo submitted Thursday a new proposal for the government related to the recently passed new mining code, which substantially increases the cost of doing business in the central African nation.
The likes of Glencore, Randgold, Zijin, China Molybdenum and Ivanhoe are suggesting a sliding scale of royalty rates for key commodities instead of the windfall tax introduced in the new legislation.
The proposal, signed by companies responsible for 85% of the DRC's copper, cobalt and gold output, suggest that obtaining royalties based on each average production “would immediately give the government a higher share of revenues than what is provided in the new code,” the said in a joint statement.
The scheme suggested by the companies also deals with stability arrangements, state guarantees and mining conventions.
It’s the second proposal in less than a week the industry submits, hoping to soften some provisions of the code in exchange for higher royalties.
The DRC signed the new mining code into law in early March.
More to come…
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