Commodities Buzz: Congo Mining Regulations To Be Signed Into Law On Friday

Democratic Republic of Congos prime minister will sign into law on Friday regulations to immediately implement a new mining code without any concessions to industry demands that key provisions be amended, the mines minister said on Thursday. The move could set off a legal battle between the government and major mining companies operating in Congo, including Glencore and Randgold, which threatened legal action against the government last week if their concerns about tax hikes and the elimination of exemptions were not addressed. The new code scraps 10-year protections for existing projects against changes to the fiscal regime, imposes a windfall profits tax and increases royalties. Congo is Africas top copper producer and the worlds leading miner of cobalt.