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International miners in DRC form new industry body
International miners with assets in the Democratic Republic of Congo (DRC) have established a new industry body to engage the government on their concerns about the mining sector, according to INN News.
The Mining Promotion Initiative was launched by mining companies including top cobalt producer Glencore, Ivanhoe Mines and MMG.
The miners represented by the organization account for 80 percent of copper and cobalt production in the country.
MPI general secretary Richard Robinson said the industry’s most important issue remains the application of the 2018 mining code.
According to the organization, the new code compromises those investors who have invested in the country individually and alongside state companies, on terms guaranteed by the government through legislation, specific guarantees and bilateral trade agreements.
Furthermore, should some of the key issues in the new code not be addressed it would discourage further investment in large and small sustainable projects, which is crucial for the DRC economy as well as the mining sector.
More than 50 percent of the global cobalt output is mined in the DRC, and the country is also Africa’s largest copper producer.
“That is why we are committed to continue working with the government to seek a mutually agreeable solution and improve the legal framework for current and new investments,” Robinson said, as quoted by INN News.