Congo to de­clare its min­er­als as ‘strate­gic’ soon

New Straits Times - - BUSINESS -

KOLWEZI: The prime min­is­ter of Demo­cratic Re­pub­lic of Congo will sign a de­cree in the com­ing days to des­ig­nate cobalt and other min­er­als as “strate­gic” and there­fore sub­ject to higher roy­al­ties, Mines Min­is­ter Martin Kab­welulu said on Satur­day.

The change is part of a new min­ing code, which min­ing com­pa­nies op­pose as it axes tax ex­emp­tions and hikes roy­al­ties and profit taxes.

The govern­ment has not yet for­mally an­nounced which met­als will be classed as strate­gic in the new code and sub­ject to roy­al­ties of 10 per cent. Be­fore the code was in­tro­duced, com­pa­nies paid a rate of two per cent for cobalt.

“In the com­ing days, you will see the prime min­is­ter sign a de­cree to de­clare cobalt and cer­tain other sub­stances as strate­gic”, Kab­welulu said at a min­ing con­fer­ence here.

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