{"id":16071,"date":"2012-11-01T20:25:01","date_gmt":"2012-11-01T18:25:01","guid":{"rendered":"http:\/\/www.myza.co.za\/11\/update-1-dr-congo-says-mining-law-overhaul-not-to-be-retroactive\/"},"modified":"2012-11-01T20:25:01","modified_gmt":"2012-11-01T18:25:01","slug":"update-1-dr-congo-says-mining-law-overhaul-not-to-be-retroactive","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-dr-congo-says-mining-law-overhaul-not-to-be-retroactive\/","title":{"rendered":"UPDATE 1-DR Congo says mining law overhaul not to be retroactive"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Government wants 35 pct of mine projects, up from 5 pct<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Also plans to increase royalties<\/p>\n<p><span><\/span><\/p>\n<p>* Country has rich deposits of copper, tin, cobalt and gold<\/p>\n<p><span><\/span><\/p>\n<p>By Jonny Hogg<\/p>\n<p><span><\/span><\/p>\n<p>BUKAVU, Democratic Republic of Congo, Nov 1 (Reuters) &#8211;<br \/>\nD emocratic Republic of Congo&#8217;s planned overhaul of mining laws,<br \/>\nto give the state higher royalties and a bigger stake in<br \/>\nprojects, will not affect existing contracts, its mines minister<br \/>\nsaid.<\/p>\n<p><span><\/span><\/p>\n<p>The central African country is seeking to enlarge its stake<br \/>\nin mining projects to 35 percent from 5 percent and increase<br \/>\nroyalties to gain greater state revenues from the sector, a move<br \/>\nthat has rattled firms active in the country.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;None of the proposed revisions would be applied<br \/>\nretroactively,&#8221; Mines Minister Martin Kabwelulu said in a text<br \/>\nmessage to Reuters on Thursday.<\/p>\n<p><span><\/span><\/p>\n<p>Congo holds rich deposits of copper, tin, cobalt and gold<br \/>\nand is among a number of developing countries trying to increase<br \/>\nrevenue from their mineral wealth by boosting taxes and the<br \/>\nstate&#8217;s share in profits.<\/p>\n<p><span><\/span><\/p>\n<p>A draft of the proposed changes in the mining law seen by<br \/>\nReuters on Thursday shows Congo is seeking a 35 percent stake in<br \/>\nprojects that is &#8220;free of charges and (&#8230;) non-dilutable.&#8221; It<br \/>\nalso includes a proposal to double royalties on some minerals<br \/>\nand introduces a 50 percent levy on miners&#8217; &#8220;super profits&#8221;.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Government wants 35 pct of mine projects, up from 5 pct * Also plans to increase royalties * Country has rich deposits of copper, tin, cobalt and gold By Jonny Hogg BUKAVU, Democratic Republic of Congo, Nov 1 (Reuters) &#8211; D emocratic Republic of Congo&#8217;s planned overhaul of mining laws, to give the state [&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-16071","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\/16071","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=16071"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/16071\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=16071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=16071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=16071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}