March 29, 2018 / 12:55 PM / 8 months ago

Mining industry proposes sliding royalty scale in Congo

LONDON, March 29 (Reuters) - Mining companies including Glencore and Randgold on Thursday proposed in a joint statement a sliding scale of royalty rates for key commodities to replace a windfall tax introduced in the Democratic Republic of Congo’s new mining code.

The DRC signed into law a new mining code in early March that increases tax and royalties on operators mining commodities including cobalt. (Reporting By Julia Payne; editing by Barbara Lewis)

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