Randgold Resources's Kibali Mine Resigns from Congolese Chamber of Commerce

Date : 03/15/2018 @ 2:48PM
Source : Dow Jones News
Stock : Randgold Resources Limited ADS Each Represented BY One Ordinary Share (GOLD)
Quote : 87.83  2.38 (2.79%) @ 11:48PM

Randgold Resources's Kibali Mine Resigns from Congolese Chamber of Commerce

Randgold Resources (LSE:RRS)
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   By Oliver Griffin 

Randgold Resources Ltd. (RRS.LN) said Thursday that its Kibali gold mine, which it owns with AngloGold Ashanti Ltd. (ANG.JO), has resigned from Federation des Entreprises du Congo, the Democratic Republic of Congo's chamber of commerce, with immediate effect.

The gold miner said that the Kibali mine, accompanied by Glencore PLC's (GLEN.LN) Mutanda Mine, and China Molybdenum Co. Ltd.'s (3993.HK) Tenke Fungurume mine, as well as others representing together 85% of Congo's copper, gold and cobalt production, said that the FEC doesn't represent their interests.

The move follows the signing into law of a new mining code in the DRC on March 9, which would increase taxes on mining firms and increase government royalties, something that mining companies have opposed.

A legal and technical team representing seven major mining companies including Randgold, AngloGold Ashanti and Glencore has now arrived in Kinshasa, the country's capital, to discuss the code with the government, Randgold Resources said.

The legal team's arrival follows a meeting on March 7 where DRC president Joseph Kabila assured mining companies that their questions would be resolved through transitional arrangements, mining regulations and agreements and guarantees that need to be considered after the new code was signed into law, Randgold said.

Additionally, the companies have presented the DRC's minister of mines with proposals regarding the new mining code. Randgold Resources said the miners are now waiting for an appointment with the minister to discuss a program of engagement with the government's working group.


Write to Oliver Griffin at oliver.griffin@dowjones.com


(END) Dow Jones Newswires

March 15, 2018 10:33 ET (14:33 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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