Democratic Republic of Congo Prime Minister Augustin Matata Ponyo forbade sales of state assets and the signing of new contracts while the country awaits a cabinet reorganization, according to a letter to his ministers.
Gecamines, the Democratic Republic of Congo’s state-owned mining company, didn’t tell the Mines Ministry of a possible sale of its stake in Kamoto Copper Co. to billionaire Dan Gertler, according to a letter from the mines minister.
Gecamines, the Democratic Republic of Congo’s state-owned mining company, may sell its 20 percent stake in Glencore Xstrata Plc’s Kamoto Copper Co. to raise money for other projects, said Chairman Albert Yuma.
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.
The Democratic Republic of Congo’s Mines Minister, Martin Kabwelulu , will ask the president to lift a mining ban in three of the country’s eastern provinces, introduced six months ago to break a link between armed groups and the illegal mineral trade that’s fueled more than 15 years of conflict in the region.
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’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.