Democratic Republic of Congo Signs New Mining Law Despite Companies’ Opposition

(From BBC News)

The Democratic Republic of Congo has moved to increase taxes on mining firms and increase government royalties from the industry despite fierce opposition from international mining companies.

President Joseph Kabila signed a new mining code into law on Friday.

The country is Africa’s biggest producer of copper and cobalt, a vital component in mobile phone batteries.

Foreign mining firms strongly opposed the law, saying their operations in DR Congo would stop being profitable.

Several chief executives flew to the Congolese capital Kinshasa this week in the hopes of persuading Mr Kabila to change his mind.

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