Tags: AF | Congo | Mining | Law

Congo President Signs Law Opposed by Major Mining Companies

Friday, 09 March 2018 03:38 PM

KINSHASA, Congo (AP) — Congolese President Joseph Kabila has signed a mining law that is expected to increase the country's royalties despite opposition from major mining companies.

Kabila announced the signing on Friday, two days after he met with mining company representatives for at least seven hours about the legislation that Congo's parliament already had approved.

Congo remains deeply impoverished despite being one of the world's most mineral-rich countries. The vast nation was plundered during decades of colonialism and dictatorship.

The revisions to Congo's 2002 mining code have brought opposition because they would sharply increase the costs of doing business in the country. Kabila has said he will take the concerns of mining companies into consideration.

Congo is the world's largest producer of cobalt, a mineral found in lithium-ion batteries.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
GlobalTalk
Congolese President Joseph Kabila has signed a mining law that is expected to increase the country's royalties despite opposition from major mining companies.Kabila announced the signing on Friday, two days after he met with mining company representatives for at least seven...
AF,Congo,Mining,Law
129
2018-38-09
Friday, 09 March 2018 03:38 PM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved