Congo's planned mining law reform could dent investor confidence, industry warns
XLB•Proposed penalties would be tougher
The proposed changes would also broaden powers to suspend or withdraw permits and increase penalties for infringements, including fines of up to $1 million and prison terms of up to 20 years.
Industry warns of investor confidence risk
Democratic Republic of Congo's main mining industry body has warned that proposed changes to mining laws aimed at tightening state control could dent investor confidence in the world's top cobalt producer, a document seen by Reuters on Monday shows.
Congo, the world's second-largest copper supplier, is also a major source of gold, tantalum and germanium, and hosts some of the mining industry's biggest companies, including China's CMOC, Huayou Cobalt and Zijin, Switzerland-based Glencore GLEN.L and Canada's Barrick ABX.TO.
