Miners Warn Congo It Faces $3 Billion Revenue Loss Over Law
- Companies including Glencore, Rangold oppose mine-code changes
- Congo is world’s largest source of cobalt, major copper miner
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Mining companies in the Democratic Republic of Congo told the government it will lose more than $3 billion over a decade and face legal action if plans to implement a new industry code proceed.
Miners including Glencore Plc and Randgold Resources Ltd. are demanding the government abandon aspects of the legislation approved by President Joseph Kabila in March. Discussions about the regulations that will be used to implement the new law concluded earlier this month and the industry says the negotiations failed to address their concerns.