DRC president signs law opposed by major mining companies

President of the Democratic Republic of Congo, Joseph Kabila. (File, AFP)
President of the Democratic Republic of Congo, Joseph Kabila. (File, AFP)

Kinshasa - Congolese President Joseph Kabila has signed a mining law that is expected to increase the country's royalties despite opposition from major mining companies.

Kabila announced the signing on Friday, two days after he met with mining company representatives for at least seven hours about the legislation that DRC's parliament already had approved.

DRC remains deeply impoverished despite being one of the world's most mineral-rich countries. The vast nation was plundered during decades of colonialism and dictatorship.

The revisions to DRC's 2002 mining code have brought opposition because they would sharply increase the costs of doing business in the country. Kabila has said he will take the concerns of mining companies into consideration.

DRC is the world's largest producer of cobalt, a mineral found in lithium-ion batteries.

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