DRC Mining companies which account for 80% of copper and cobalt production as well as 90% of gold production have established a new industry body – the Mining Promotion Initiative (MPI). This, according to media reports, is with a view to drive the country’s mining sector as well as code improvement.
Through its founding members, Alphamin Bisie Mining; CMOC International/Tenke Fungurume Mining; Glencore/KCC/MUMI; Ivanhoe Mines/Kamoa-Kakula/Kipushi; MMG; and Randgold Resources/Kibali, the MPI will engage with the government on industry concerns about the country’s new mining code and any other material issue concerning the mining industry in the DRC.
MPI general secretary Richard Robinson says the industry’s main issue remains the application of the 2018 Mining Code. This code comprises those investors who have invested in the country individually and alongside state companies. This is particularly on terms guaranteed by the government through legislation, specific guarantees as well as bilateral trade agreements.
According to the new industry body, failure to address some of the key issues in the new code will force it to discourage further investment in large and small sustainable projects. These projects are not only crucial for the DRC economy, but the mining sector as well.
As such, Mr. Robinson explains that MPI is seeking to continue working with the government with a view to coming up with a mutually agreeable solution that will in turn improve the legal framework for current and new investments.
He further added that MPI’s members sought a sustainable outcome for all DRC stakeholders. This, he assured, was in respect to the laws of the country and the preservation of acquired rights. At the same time, individual member companies were also engaging with the authorities with regard to the effect and implementation of the 2018 code.