Stock Market News
Randgold says DRC's Kabila gave assurances on mining code
08-03-2018 07:54
Add To Google +1 | Tweet |
Randgold Resources said the president of the Democratic Republic of Congo (DRC) has assured mining companies that questions about their operations under the country's new mining code would be resolved, but only after the new law had been signed off.
President Joseph Kabila Kabange met representatives from the mining industry on 7 March at the companies' request, Randgold said in a statement.
"The representatives of the mining industry raised questions pertaining to their operations. The president gave assurances that the questions raised will be resolved through discussions with the government, in the mining regulation to be adopted by the government," Randgold said.
A joint statement by the DRC government and the mining group noted that miners concerns "will be taken into account through a constructive dialogue with the government after the promulgation of the new mining law".
Mark Bristow, Randgold's chief executive, said his company would start discussions with government representatives in the week starting 12 March. Randgold operates the giant Kibali gold mine in the north-east of the country.
Randgold, Glencore and other mining companies have clubbed together in an effort to head off the new code, which would increase royalties the companies pay on cobalt, which is used in smartphones and electric car batteries. DRC produces about two-thirds of the world's cobalt and is a leading copper producer.
Economists have identified cobalt as a potential constraint for electric vehicle producers and have said the industry's reliance on DRC could make production of the metal a problem for 5-10 years.
Randgold shares were down 1.4% to 5,898p at 08:03 GMT. Glencore shares fell 0.9% to 364p.
President Joseph Kabila Kabange met representatives from the mining industry on 7 March at the companies' request, Randgold said in a statement.
"The representatives of the mining industry raised questions pertaining to their operations. The president gave assurances that the questions raised will be resolved through discussions with the government, in the mining regulation to be adopted by the government," Randgold said.
A joint statement by the DRC government and the mining group noted that miners concerns "will be taken into account through a constructive dialogue with the government after the promulgation of the new mining law".
Mark Bristow, Randgold's chief executive, said his company would start discussions with government representatives in the week starting 12 March. Randgold operates the giant Kibali gold mine in the north-east of the country.
Randgold, Glencore and other mining companies have clubbed together in an effort to head off the new code, which would increase royalties the companies pay on cobalt, which is used in smartphones and electric car batteries. DRC produces about two-thirds of the world's cobalt and is a leading copper producer.
Economists have identified cobalt as a potential constraint for electric vehicle producers and have said the industry's reliance on DRC could make production of the metal a problem for 5-10 years.
Randgold shares were down 1.4% to 5,898p at 08:03 GMT. Glencore shares fell 0.9% to 364p.
Related share prices |
---|
Randgold Resources Ltd. (RRS) share price |
Glencore (GLEN) share price |
Stock News is provided by Digital Look Corporate Solutions from Sharecast news. Please read the terms and conditions of useage of this data. Republication or redistribution of content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Digital Look Ltd.
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- RBS share price
- Diageo share price
- Standard Life Share Price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- Morrisons Share Price
- Aviva Share Price
- LGO Share price
- Tullow Oil Share Price
- SXX Share Price
- Easyjet Share Price
- Next Share Price
- Thomas Cook Share Price
- SSE Share Price
- IAG Share Price
- Bat share price
- Monitise Share Price
- Kingfisher share price
- Dragon Oil share price
- UKOG share price
- SOLG share price