DRC mining code uncertainty puts industry in wait-and-see mode, says Glencore CEO

The international mining industry active in the Democratic Republic of Congo (DRC) is in wait-and-see mode after unifying to discuss mining code proposals with the country’s president, according to the chief executive officer of Glencore.

Speaking during a briefing for the company’s 2017 results, Ivan Glasenberg said DRC President Joseph Kabila had not signed the proposed mining code, which could lead to the exodus of capital from the country if it is approved in its current format.
“The industry has got together and believes there should be consultation with us, the mining industry... It’s a wait-and-see situation, so we don’t know much more than you’re hearing in the press,” he said.

“How do the motor vehicle companies feel about it? It’s a concern, I’m sure. We haven’t heard, but I’m sure they’re going to look at it and monitor it just like we’re doing, because it’s going to create disinvestment in the country if the code comes in at the way it’s been drafted,” Glasenberg told analysts.


Andrea Hotter

February 21, 2018

19:58 GMT

New York