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Largest miners in Congo quit industry group amid sharp tax dispute

Published 03/15/2018, 12:33 PM
© Reuters.  Largest miners in Congo quit industry group amid sharp tax dispute
  • International mining companies including Glencore (LON:GLEN) (OTCPK:GLCNF, OTCPK:GLNCY), Randgold (NASDAQ:GOLD) and Ivanhoe Mines (OTCQX:IVPAF) quit the Democratic Republic of Congo’s chamber of commerce, saying the industry body no longer represents their interests after the introduction of the country's new mining law.
  • The miners oppose the law passed by parliament in January that raises royalties on minerals and removes a clause that protected miners from changes to the fiscal and customs regime for 10 years.
  • At least five mines, which produce more than 85% of Congo’s copper, cobalt and gold production, reportedly resigned from the industry group.
  • Now read: Randgold Resources (LON:RRS) Limited 2017 Q4 - Results - Earnings Call Slides


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