Mines Minister Martin Kabwelulu says the country will seek to raise its stake in new mining projects to 35% in a revised mining code.

Posted: Tuesday , 30 Oct 2012

BUKAVU, Democratic Republic of Congo (Reuters) –

 

 

Democratic Republic of Congo will seek to raise its stake in new mining projects to 35 percent in a revised mining code, up from 5 percent now, the country’s top mining official said on Tuesday.

« We’ve proposed (a government stake) of 35 percent when an exploration permit is transformed into an exploitation permit. Its currently 5 percent, » Mines Minister Martin Kabwelulu told Reuters by text message.

Congo’s ten year old mining laws are undergoing a review after the government said it wanted to increase its receipts from mining, with the new law expected early next year.

Source:

http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=161086&sn=Detail&pid=92730