Congo President Set to Approve Law Changes Despite Miners' Pleas
- Revised code will raise cost of doing business for miners
- President held five hours of talks with executives Wednesday
Explosives detonate on the floor of the open pit at the Kibali gold mine in Democratic Republic of Congo.
Photographer: Simon Dawson/Bloomberg
Congolese President Joseph Kabila will sign off on changes to the country’s mining code but left the door open to further talks after a lengthy meeting with senior industry executives who oppose the legal reform.
Glencore Plc Chief Executive Officer Ivan Glasenberg, Randgold Resources Ltd.’s Mark Bristow and other top officials met Kabila for five hours Wednesday in the capital, Kinshasa, to discuss the new rules. The changes will raise taxes and other costs for operators in Congo, which is Africa’s top copper producer and the world’s main source of cobalt, a critical ingredient in rechargeable batteries.