Congo mining reform risks investor confidence, body warns

DEMOCRATIC Republic of Congo’s leading mining industry body has warned that proposed reforms to tighten state control over the sector could undermine investor confidence, according to a document seen by Reuters on Monday.Congo is the world’s top cobalt producer and second-largest copper supplier, and also produces significant volumes of gold, tantalum and germanium. Major operators in the country include China’s CMOC, Huayou Cobalt and Zijin, Switzerland’s Glencore and Canada’s Barrick.A bill submitted by lawmaker Serge Chembo N’Konde and sent to government for comment in June would amend more than 40 articles of the 2018 mining code. Proposed changes include expanded state control over strategic minerals, the creation of mineral stockpiles, and strengthened oversight through specialised regulatory agencies, said Reuters.Other, broader powers, are proposed such as suspending permits and imposing steeper penalties, including fines up to $1m and jail terms of up to 20 years.The Chamber of Mines has called an emergency forum for July 15-17 to build a unified industry position, an internal document showed. The chamber said the pace of the reform process risked insufficient consultation with operators, warning it could deepen regulatory uncertainty.Miners argue the sector’s problems lie more in inconsistent implementation of the existing code than in the code itself. Congo’s mines ministry did not immediately respond to a request for comment, said Reuters.The post Congo mining reform risks investor confidence, body warns appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com