Proposed mining code upsets miners in the DRC

A new mining code in the Democratic Republic of the Congo that would raise royalties on metals and eliminate a stability clause enshrined in the previous 2002 charter that protects mining companies from changes to the code for ten years is rattling mining companies and investors. The country’s two houses of parliament (the National Assembly and Senate) have approved the new mining code, but it has yet to be signed into law by President Joseph Kabila, and companies like Randgold Resources (LON: RRS; NYSE: GOLD) and Ivanhoe Mines (TSX:IVN; US-OTC: IVPAF), among others, are joining together in a formal group to lobby the government. Continue reading at The Northern Miner.