The president of the Democratic Republic of Congo President, Joseph Kabila, will on Tuesday meet mining company representatives to discuss the revision of the mining code .
The Bill was adopted by parliament late in January but the industry has been lobbying for Kabila not to ratify it, saying it would deter investment and violate existing agreements.
Under the constitution, the president has 15 days from the time parliament sends him the bill to either sign it into law or return it to parliament for further deliberation. Thus far, Kabila has not signed it.
The code could see royalties on cobalt, a vital component in electric car batteries, increase five-fold to 10 percent. It would also remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years.
mines Minister, Martin Kabwelulu, told Reuters that the meeting would take place on Tuesday and did not elaborate.
The Democratic Republic of Congo is the world’s biggest source of cobalt. Its output jumped 15.5 percent last year to 73,940 tonnes.
Source: Reuters
