DRC Won't Revise Mining Code

Reuters reported that the Democratic Republic of the Congo (DRC) has decided not to revise its mining code. The revisions would have boosted government revenue, and mining companies have objected to them due to today’s poor price environment for commodities across the board.
As quoted in the market news:

Mines minister Martin Kabwelulu told delegates at an annual mining conference in Cape Town that the government would not change the code, assuring investors that their money was safe.
“At this point, it should be noted that … the government has opted to maintain the application of the mining code and its provisions currently in place,” a slideshow presented by Kabwelulu stated.
Congo’s chamber of mines president Simon Tuma-Waku said in a statement that the government “recognised that a more onerous code would drive investors away from what was already a stressed market.”
“With the uncertainty out of the way, the DRC can now return to being a competitive mining investment destination, to the benefit of the government as well as the industry,” he added.

Click here to read the full Reuters report.