Randgold Resources Ld Ready for engagement with DRC (8765H)
16 March 2018 - 12:35AM
UK Regulatory
TIDMRRS
RNS Number : 8765H
Randgold Resources Ld
15 March 2018
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
MINING INDUSTRY READY FOR ENGAGEMENT WITH DRC GOVERNMENT
Kinshasa, DRC, 15 March 2018 - A legal and technical team
representing the major mining companies operating in the Democratic
Republic of Congo has arrived in Kinshasa for engagement with the
government on its new mining code. This follows the meeting on 7
March 2018 where His Excellency President Kabila gave an assurance
that the questions raised by the industry would be resolved through
transitional arrangements, mining regulations and agreements and
guarantees that need to be considered after the new code was signed
into law. In the meeting, the parties were requested to meet for a
30 day period starting March 14.
As agreed with His Excellency the President, a matrix of the
industry's issues as well as proposals regarding the mining code
have been delivered to the Minister of Mines. The companies are now
awaiting an appointment with the Minister to discuss a programme of
engagement with the government's working group. The companies in
their meeting with His Excellency the President confirmed their
willingness to negotiate additional royalties and changes to other
taxes as part of this process.
The companies said they expected the process will start soon and
that it would give priority to the recognition of the stability
clauses contained in Article 276 of the 2002 mining code and
certain mining conventions. Most notably, Article 276 provided for
10 years of stability after changes are made to the mining code,
and formed the basis of many investment decisions in DRC. This
period of stability resulted in over US$10 billion in direct
investments by the mining industry which created over 20 000 full
time jobs in the DRC.
In the meantime, Randgold Resources' and AngloGold Ashanti's
Kibali mine, Glencore's Mutanda Mine and Kamoto Copper Company, the
Kamoa-Kakula mine, MMG's Kinsevere mine and CMOC's Tenke Fungurume
mine have resigned from the FEC, the Congolese Chamber of Commerce,
with immediate effect. These mines, which represent more than 85%
of the DRC's copper, cobalt and gold production, said the FEC does
not adequately represent their interests.
Issued on behalf of Randgold Resources, AngloGold Ashanti,
Glencore PLC, Ivanhoe Mines, Gold Mountain International/Zijin
Mining Group, MMG (PTY) Ltd and China Molybdenum Co, Ltd (CMOC)
Kathy du Plessis
T: +44 207 557 7738
randgold@dpapr.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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