Congo president signs law opposed by major mining companies

KINSHASA, Congo — 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.

You may also like these

Aid groups warn of crisis as Mongolia hit by...

Dec 21, 2016

Another unusually harsh winter in Mongolia that's decimating livestock and sending temperatures to...

China plans 30,000-km high speed rail network by...

Dec 29, 2016

The Chinese government is planning to expand the country's high-speed rail network to 30,000...

Choked by smog, Beijing creates new environmental...

Jan 8, 2017

Officials in Beijing have announced a new environmental police squad to root out illegal burning in...

McDonald's sells China business in deal worth up...

Jan 9, 2017

Fast-food giant McDonald's is selling a controlling stake in its China business to a group of...

'One China principle' not negotiable, China tells...

Jan 16, 2017

Responding to remarks by Donald Trump, China's Foreign Ministry says the country's "one-China...

Sign up now!

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales[at]thefinancialcapital.com