Congo presses ahead with local ownership rule for miners despite industry concerns
XLB•Broader push for greater mineral wealth share
As commodities prices surge, African countries are increasingly seeking a larger share of their mineral wealth.
Congolese authorities are considering interest-free loans and cooperatives to help employees acquire their mandated equity stakes.
The Central African nation already holds a free, non-dilutable 10% stake in mining projects under its 2018 code and can increase its ownership through paid acquisitions at licence renewals.
Congo to enforce local ownership requirement on miners
Democratic Republic of Congo will begin enforcing a long-delayed requirement for mining companies to offer local ownership stakes from July 31, the mines ministry said, despite concerns from some of the world's biggest copper and cobalt miners over its impact on the sector.
Reuters previously reported that miners in Congo, the world's top cobalt producer and second-largest copper producer, were seeking to delay enforcement of a 2018 law requiring companies to transfer 10% of their equity to Congolese nationals, including 5% for employees. No miner has yet complied, citing unresolved questions over implementation.
