Congo Mines say Revised Code Threatens Industry’s Future

Mining companies in Democratic Republic of Congo said that proposed changes to the mining code adopted by the lower house of parliament last week would do lasting damage to investment in Africa’s top copper producer.

The process of revising the 2002 mining code in Congo has dragged on for more than five years, but the National Assembly recently approved a bill that would increase taxes and royalties and sent it to the upper house Senate for a second vote.

The measure would also increase the state’s minimum unpaid share of new mining projects and require that Congolese investors hold at least 10 percent of shares in large-scale mines.