Mining investor says Congo is cleaning up its act

congo coper mine

 

 

 

KINSHASA – Democratic Republic of Congo has improved its business environment but plans to raise mining taxes could deter investors in a country where massive infrastructure challenges remain, the CEO of a major foreign miner said.

Pieter Deboutte, manager of the Fleurette company that holds Israeli billionaire DanGertler’s mining and oil interests in Congo, said Prime Minister Augustin Matata Ponyohad made progress in tackling corruption and improving government administration. Continue reading “Mining investor says Congo is cleaning up its act”

Congo Prime Minister Urges Diversification as Copper Slumps

Democratic Republic of Congo's newly-appThe Democratic Republic of Congo, Africa’s largest copper producer, must diversify its economy as copper prices fall, Prime Minister Augustin Matata Ponyo said.

Copper futures for delivery in three months have dropped 11 percent this year to $6,541.25 per metric ton by 10:59 a.m. in London today, as signs of slowing economic growth fuel concern of reduced demand in China, the world’s biggest metals Diversification as Copper Slumps

Continue reading “Congo Prime Minister Urges Diversification as Copper Slumps”

Congo Freezes Mining Expansion Projects Amid Power Shortage

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The Democratic Republic of Congo, Africa’s biggest copper producer, told miners to halt any project expansion requiring more power amid a shortage that will take years to resolve, according to government documents.

The country will institute an electricity-rationing program for miners and its state-owned power company must stop signing new contracts, Congolese Prime Minister Augustin Matata Ponyo said in a January letter to the ministers of mines and energy.

“I equally deem it necessary that mining clients postpone immediately and until further notice all expansion projects requiring supplemental energy,” Matata said in the letter, which was given to Bloomberg News by a member of the Federation des Entreprises du Congo, the Congolese business group, and verified by the government. Continue reading “Congo Freezes Mining Expansion Projects Amid Power Shortage”

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