Randgold Resources Ld Mining continues to press for DRC code revision (0206O)
15 May 2018 - 1:26AM
UK Regulatory
TIDMRRS
RNS Number : 0206O
Randgold Resources Ld
14 May 2018
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
MINING INDUSTRY CONTINUES TO PRESS FOR DRC CODE REVISION
Joint Press Release*
Kinshasa, DRC, 14 May 2018 - The commission appointed to draft
the regulations to effect the 2018 Mining code has officially
completed its work and will now report back to the Minister of
Mines who will work with the inter-ministerial commission ahead of
presenting it to government for approval, industry representatives*
said today.
The industry team participated actively in the process and
influenced a number of the regulations arising from the code, but
the representatives said because the commission's terms of
reference were restricted to the regulations, it could not deal
with key issues, notably around the rights vested under the former
code. A detailed proposal dealing with these key issues was
submitted to the Minister of Mines by the industry on 29 March, as
agreed at the meeting with the President on 7 March. The industry
is still awaiting a formal response to this proposal, which among
other things assumed the honouring of these rights and offered a
sliding scale on royalties, allowing the government to benefit from
rising commodity prices.
The representatives said they would continue to engage with
government at all levels, as well as with the influential Civil
Society (which is a member of the Mining Code Revision Tripartite
Group) and remained hopeful that meaningful changes could still be
made to the code. They pointed out again that flaws in the current
provisions of the new code would immediately cause numerous
practical and legal problems, which would have a negative impact on
the development of the DRC's mining industry as well as the
country's long term economic prospects.
* Issued on behalf of members of the DRC mining industry
representing more than 85% of the DRC's copper, cobalt and gold
production and most significant development projects: Randgold
Resources, Glencore, Ivanhoe Mines, Gold Mountain International/
Zijin Mining Group, MMG Limited, Crystal River Global Ltd and China
Molybdenum Co, Ltd (CMOC), AngloGold Ashanti.
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
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