March 6, 2018 / 11:47 AM / a year ago

Congo's Kabila meeting with mining companies postponed until Weds

DAKAR, March 6 (Reuters) - Democratic Republic of Congo President Joseph Kabila’s plan to discuss proposed changes to mining royalties with mining company representatives on Tuesday was postponed by a day, a government minister said.

No reason was given for the decision to delay the meeting.

“It will be tomorrow before noon,” Mines Minister Martin Kabwelulu said in a text message.

Top executives from eight international mining companies - including Randgold, Glencore and China Molydenum - were invited to the president’s office on Tuesday to discuss the code revision awaiting Kabila’s signature.

The code could see royalties on cobalt, a vital component in electric car batteries, increase fivefold to 10 percent. It would also remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years.

Congo is the world’s biggest source of cobalt. Its output jumped 15.5 percent last year to 73,940 tonnes. (Reporting by Aaron Ross Writing by Sofia Christensen; Editing by Susan Fenton)

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