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Experts who participated in the drafting of Congo's Golden Mine Law have ended their discussions on May 11. The Prime Minister will sign the decree no later than June 9, which is 90 days after the President promulgates a new mining law.Titanium sand blast CNC turning product Supplier
It was learned from the Ministry of Mining that the implementation of the new mining law will take effect on June 9th at the latest. Prior to this, President Kabila issued a revised version of the new mining law on March 9, which was passed unanimously by the upper and lower chambers.
The new mining law made certain changes in the old version in 2002. According to statistics, there are 18 innovations in total.
These include: immediate implementation of new taxes and tariffs on all miners; ensuring the stability of the tax system from the original 10 years unchanged to 5 years; increase the royalties royalties, gold, copper and other ordinary metals From 2% to 3.5%, while strategic metals like cobalt have risen from 2% to 10%;
A 50% tax on excess profits (when the ultimate profit exceeds 25% of the initial plan is an excess profit); requires the foreign mining company to be obliged to set aside 5% of the capital for Congolese private companies; the Congolese nationals have a free share from 5% rose to 10%; the mining license year was reduced from 30 years to 25 years; mining subcontracting activities can only be undertaken by companies where most of the capital is held by the Congolese.
Only Congolese gold authorized cooperatives are allowed to conduct manual mining; Congolese people are required to participate in the sale and processing of precious metals; a clear concept of mines is introduced; and the social responsibility of mining companies for the local people is clarified.Titanium polish custom cnc machining product Supplier
The return of mineral export sales revenue has increased from 60% to 100%; the company is required to provide proof of environmental protection when obtaining a mining license; the company’s headquarters is established for down payment in the mining province; the manual mining site is converted into a small mine as much as possible; Sexual measures will make up for the shortcomings of inadequate infrastructure in some provinces, thereby promoting economic development.