CHAMBER OF MINES INTERVIEW: “DRC’s mining industry is doing well despite the change in legislation and the drop in the cobalt price”

CHAMBER OF MINES INTERVIEW: “DRC’s mining industry is doing well despite the change in legislation and the drop in the cobalt price”

Simon B. TUMA-WAKU, President of the DRC Chamber of Mines
During the opening session of DRC Mining Week in Lubumbashi on 19 June he will deliver the welcome address on behalf of the Chamber. Mr Tuma-Waku is also a panellist and moderator in the conference. 

1.    Your view on the status of the mining industry in the DRC?
The mining industry in the DRC is doing well despite the change in legislation and the drop in the cobalt price. New investors are looking for cobalt and litium deposits pushed by the demand by new electrical cars batteries.

2.       How has the future been positively/negatively impacted by the new Mining Code?
The new mining code which as promulgated in June 2018, has not yet really impacted positively or negatively. The application of the new Mining Code has just started with cobalt, germanium and coltan being declared strategic minerals at the end of 2018. The real impact on the change of taxation at 10% of these three commodities will be noticed by mid-end 2019. Government budget has improved at the end of 2019, due mainly to the increase in production of copper and cobalt (about 100 000 tonnes more copper produced compared to 2017, while about 20 000T of cobalt more were produced compared to 2017).  

3.       What do you think is necessary to ensure a future of growth for the DRC mining sector?
To ensure a future of growth for the DRC mining sector, cobalt production needs to be monitored as mass production will negatively impact on the price. The raise on tax royalty for cobalt could also contribute positively towards reducing cobalt production, therefore raising the price of cobalt. Good and strict application of the new Mining Code is a prerequisite towards the DRC mining growth. 

4.       Why do you feel it is important to attend and participate at DRC Mining Week?
DRC Mining Week is the most important event in promoting the DRC mining sector, therefore, for those who would like to invest in the DRC mining ventures, meeting the ones already present in the DRC, discussing the issues affecting the sector, will definitely help them  better manage their investment. 

New technologies, sharing experiences and meeting government officials at the CEO roundtable are eye openers towards solving issues affecting the sector. I really encourage existing investors and new investors to attend the DRC Mining Week, the port of entry to the DRC mining sector. The event is growing so fast that you don’t want to miss it! I am looking forward to meeting you in June in Lubumbashi, the Copper Capital of the DRC!

Mining Review Africa is the premier media partner of DRC Mining Week.