Mining Industry Launches Initiative in Congo to Lobby Against Mining Code

Date : 08/23/2018 @ 11:26AM
Source : Dow Jones News
Stock : Randgold Resources Limited ADS Each Represented BY One Ordinary Share (delisted) (GOLD)
Quote : 82.89  0.0 (0.00%) @ 1:00AM

Mining Industry Launches Initiative in Congo to Lobby Against Mining Code

Randgold Resources (LSE:RRS)
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By Oliver Griffin

 

Randgold Resources Ltd. (RRS.LN) and other miners have launched an initiative to engage Democratic Republic of the Congo's government over industry concerns about the country's new mining code and other issues.

Aside from Randgold, the founding members of the Mining Promotion Initiative, or MPI, are Glencore PLC (GLEN.LN) and Ivanhoe Mines Ltd. (IVN.T), among others.

Randgold said Thursday that the companies involved in the MPI account for 80% of copper and cobalt production, and 90% of gold production in the Congo.

MPI General Secretary Richard Robinson said the mining industry's main issue is the application of the new code, which he said compromises investors who have put money in the country on terms guaranteed by the government through legislation, specific guarantees and bilateral trade agreements.

Mr. Robinson said certain key issues would discourage further investment in large and small sustainable projects in the Congo if they are left unaddressed.

 

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

 

(END) Dow Jones Newswires

August 23, 2018 06:11 ET (10:11 GMT)

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

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