The Democratic Republic of Congo’s release of an affidavit explaining a mining deal by state-run Gecamines may allow the International Monetary Fund to proceed with loans for the country, an official at the lender said.
Mining companies in the Democratic Republic of Congo, Africa’s biggest copper producer after Zambia, urged the government to reconsider proposed changes to the mining code and end a ban on exporting mineral concentrates.
The Democratic Republic of Congo’s copper-rich Katanga province said it won’t implement a government ban on exporting copper and cobalt concentrate because it doesn’t have capacity to process all the ore itself.
Lundin Mining Corp., a Canadian diversified mining company with investments in Africa, slumped the most in more than 18 months after the Democratic Republic of Congo banned exports of copper and cobalt concentrates.
Democratic Republic of Congo’s mines minister reassured investors after separatists attacked the capital of mineral-rich Katanga province, raising concern among analysts that the region faces increased conflict.
The Democratic Republic of Congo will increase its stakes in new mining projects and raise taxes when it revises the 10-year-old industry code this year in an attempt to boost revenue, Mines Minister Martin Kabwelulu said.