South Africa's Anglogold backs Randgold's negotiations with Congo govt

South Africa's Anglogold backs Randgold's negotiations with Congo govt
The KCD open pit gold mine, operated by Randgold, at the Kibali mining site in the Democratic Republic of Congo
(Reuters) - South Africa's AngloGold Ashanti said it was fully supporting its JV partner Randgold Resources, as several miners operating in the Democratic Republic of Congo negotiate with the government terms of the country's new mining code.

Congo President Joseph Kabila will soon sign into law a new mining code, the government and the country's mining companies said on Wednesday. The code has been vigorously opposed by the miners.

The announcement followed a nearly six-hour meeting between Kabila and mining executives in Kinshasa about the new code, which will raise taxes and remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years.

Anglogold said mining industry executives met Kabila on Wednesday and raised questions pertaining to their operations once the code is signed into a law.

"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" Ashanti said on Thursday.

Randgold Resources - which operates Kibali joint venture with Anglogold - will continue talks with DRC Government representatives next week.

(Reporting by Rahul B in Bengaluru; Editing by Saumyadeb Chakrabarty)

2018-03-08 13:21:31

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