{"id":15998,"date":"2012-10-30T20:15:05","date_gmt":"2012-10-30T18:15:05","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/update-1-dr-congo-says-seeks-bigger-stake-in-mine-projects\/"},"modified":"2012-10-30T20:15:05","modified_gmt":"2012-10-30T18:15:05","slug":"update-1-dr-congo-says-seeks-bigger-stake-in-mine-projects","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-dr-congo-says-seeks-bigger-stake-in-mine-projects\/","title":{"rendered":"UPDATE 1-DR Congo says seeks bigger stake in mine projects"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>BUKAVU, Democratic Republic of Congo, Oct 30 (Reuters) &#8211;<br \/>\nD emocratic Republic of Congo will seek to raise its stake in new<br \/>\nmining projects to 35 percent from the current five percent in a<br \/>\nrevised mining code, the country&#8217;s top mining official said on<br \/>\nTuesday.<\/p>\n<p><span><\/span><\/p>\n<p>Congo is among a slew of minerals-rich countries across<br \/>\nAfrica seeking to raise state shares in lucrative resource<br \/>\ncontracts, in a trend that could deter international investors.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We&#8217;ve proposed (a government stake) of 35 percent when an<br \/>\nexploration permit is transformed into an exploitation permit.<br \/>\nIt is currently 5 percent,&#8221; Mines Minister Martin Kabwelulu told<br \/>\nReuters by text message.<\/p>\n<p><span><\/span><\/p>\n<p>Congo &#8211; which holds rich deposits of copper, tin, cobalt and<br \/>\ngold &#8211; is reviewing its ten year old mining laws after the<br \/>\ngovernment said it wanted to increase receipts from the sector.<br \/>\nThe new law is expected early next year.<\/p>\n<p><span><\/span><\/p>\n<p>Kabwelulu said the revisions could also include a proposal<br \/>\nto boost royalties on some minerals and would be submitted to<br \/>\nindustry players for feedback.<\/p>\n<p><span><\/span><\/p>\n<p>Companies in Congo have expressed concern that proposed<br \/>\nchanges to increase the state&#8217;s receipts would discourage<br \/>\ninvestment in the country, which is already plagued by rebel<br \/>\nmovements, political turmoil, and crumbling infrastructure.<\/p>\n<p><span><\/span><\/p>\n<p>State-run mining company Gecamines is also seeking to fund a<br \/>\nnear $1-billion expansion, in part by auditing its joint-venture<br \/>\npartners &#8211; a move that could cause tension with partners such as<br \/>\n Freeport McMoRan and Glencore-owned Katanga<br \/>\nMining.<\/p>\n<p><span><\/span><\/p>\n<p>Other miners in Congo include Randgold Resources, and<br \/>\nAngloGold Ashanti<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BUKAVU, Democratic Republic of Congo, Oct 30 (Reuters) &#8211; D emocratic Republic of Congo will seek to raise its stake in new mining projects to 35 percent from the current five percent in a revised mining code, the country&#8217;s top mining official said on Tuesday. Congo is among a slew of minerals-rich countries across Africa [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15998","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15998"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15998\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}