trending Market Intelligence /marketintelligence/en/news-insights/trending/6jkqnqrznd7zrx8dqsun_a2 content esgSubNav
In This List

Major miners quit DRC Chamber of Commerce ahead of talks on new mining code

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Major miners quit DRC Chamber of Commerce ahead of talks on new mining code

Major mining companies in the Democratic Republic of the Congo quit the country's Chamber of Commerce ahead of planned talks with the government on the country's new mining code.

Randgold Resources Ltd., Ivanhoe Mines Ltd., AngloGold Ashanti Ltd., Glencore Plc, MMG Ltd., China Molybdenum Co. Ltd. and Zijin Mining Group Co. Ltd. parted ways with the industry group, claiming that the Congolese Chamber of Commerce does not "adequately" represent their interests.

The mines these companies own make up more than 85% of the DRC's copper, cobalt and gold production, according to a joint March 15 statement.

President Joseph Kabila recently signed the code into law, which hiked mining royalties to 3.5% with certain strategic minerals to be taxed at 10%. The new law also ended a 10-year stability clause.

In a March 7 meeting with Kabila, the miners expressed willingness to negotiate with the government, hoping that some of the problems they have with the mining code might be regulated.