The Democratic Republic of Congo(DRC) is making changes to its mining sector to consolidate greater control over its resources, a move that could raise eyebrows among investors.
According to the DRC's main mining industry body, investor confidence could wane as the country makes alterations to its mining sector.
The Central African country, which boasts resources such as cobalt, gold, and tantalum, amongst others, as well as housing mining giants such as China's CMOC, Huayou Cobalt and Zijin, Switzerland-based Glencore and Canada's Barrick, is following in the footsteps of several African countries looking to gain more control over its resources and their value chain.
As a result, the country has opted to revise its mining code by strengthening regulatory and anti-fraud monitoring through specialized mining sector organizations, permitting the establishment of strategic stockpiles, and increasing state control over strategic and reserved minerals.
A policy introduced by one of the country’s MPs, Serge Chembo N'Konde, and submitted to the government for comment in June proposes amendments to more than 40 articles of the 2018 mining code.
