Joseph Kabila, the president of the Democratic Republic of the Congo, has not yet signed the country's proposed mining code despite a looming deadline that could automatically turn the code into law, Reuters reported Feb. 20, citing Jean-Pierre Kambila, Kabila's deputy chief of staff.
The proposed code has been heavily contested, mostly for the additional costs it would bring to mining companies, and earlier reports said Kabila has had the code for his signature over the past several days.
Citing the DRC constitution, Reuters further wrote that Kabila has 15 days from receiving the bill to sign the code into law or return it to parliament for further deliberation. If the president takes no action, the bill automatically becomes law.
The proposed mining code will see the royalty tax increase to 3.5% from 2.5% and corporate tax decrease to 30% from 35% and will introduce a so-called super profit tax of 50%, among others.