Mining industry representatives in the Democratic Republic of Congo (DRC) have submitted a formal proposal to the ministry of mines, which seeks to address concerns about the country’s recently revised mining code and government’s revenue needs, according to Mining Weekly.
The revised code, signed into law on March 9, removed the measure protecting mining licence holders from complying with changes to the fiscal and customs regime for ten years.
The code also raised royalties on minerals across the board, with a 50 percent tax on super profits.
Mining Weekly reports that the submission by the mining representatives proposed linking a sliding scale of royalty rates to the prices of key commodities, which the industry representatives believe would be a more effective mechanism than the windfall tax introduced in the new code.
The submission also dealt with stability arrangements, state guarantees and mining conventions.