• 14 hours Shell Oil Trading Head Steps Down After 29 Years
  • 18 hours Higher Oil Prices Reduce North American Oil Bankruptcies
  • 20 hours Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 21 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 23 hours Venezuela Officially In Default
  • 1 day Iran Prepares To Export LNG To Boost Trade Relations
  • 1 day Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 1 day Saudi Oil Minister: Markets Will Not Rebalance By March
  • 2 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 2 days Rosneft Announces Completion Of World’s Longest Well
  • 2 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 2 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 2 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 2 days Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 3 days Africa’s Richest Woman Fired From Sonangol
  • 3 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 3 days Russian Hackers Target British Energy Industry
  • 3 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 3 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 3 days Lower Oil Prices Benefit European Refiners
  • 3 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 4 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 4 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 4 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 4 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 4 days OPEC To Recruit New Members To Fight Market Imbalance
  • 4 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 5 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 5 days GE Considers Selling Baker Hughes Assets
  • 5 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 5 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 5 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 5 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 5 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 8 days The Oil Rig Drilling 10 Miles Under The Sea
  • 8 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 8 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 8 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Alt Text

Will Ecuador’s Mining Sector Return To Its Golden Days?

Despite the recent political problems…

Alt Text

Is South America Set For A Gold Rush?

A Chinese gold miner is…

Alt Text

Copper Prices Ignited By Chinese Demand Growth

Copper prices saw some gains…

Africa’s Largest Copper Major Suffering From Indecision

Africa’s Largest Copper Major Suffering From Indecision

The mining industry got some much-welcomed good news late last week — from one of the world’s most important copper-producing centers.

And then, abruptly, had it taken away.

The place is the Democratic Republic of Congo, Africa’s most critical producer of copper and cobalt. Where the government appears to be having trouble making up its mind over mining rules. Related: A Market Collapse Is On The Horizon

The apparent good news from the DR Congo came last Wednesday. When the country’s mines minister, Martin Kabwelulu, announced that officials had decided to scrap a proposed revision of the national mining laws.

Kabwelulu told attendees at the Mining Indaba in Cape Town, South Africa that the government had decided to stick with its current mining code. Apparently ending a three-year review process — where officials had threatened to increase taxes and royalties.

But the relief in the African copper sector didn’t last long. With Reuters reporting the next day that other members of the DR Congo mines ministry are continuing to say the mining law review is still ongoing. Related: If A Cut Is Going To Come It Won’t Be From OPEC

The news service cited an email sent to NGO Global Witness. Where the chief of staff for the mines minister said that the comments at the Indaba simply mean the old contact regime will stay in place until a new one is introduced.

The email stated that “The government of the Democratic Republic of Congo has not renounced revising the mining code. Quite the contrary.”

That strong wording makes it sound like the mining law review is still very much in motion. Although it’s possible this is simply posturing for observers at Global Witness — who had objected to the government dropping its pursuit of higher takes from mining. Related: In Spite Of Its Vast Oil Reserves, Cuba Fails To Woo Investors

The next moves here will be telling — with the revised mining law having been submitted to the DR Congo’s parliament last March, but not yet approved. Watch for further announcements on a yea or nay here.

Here’s to making up your mind,

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News