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Miners headed for DRC arbritration

MMG chief financial officer Ross Carroll says he expects major Democratic Republic of Congo producers Glencore and Randgold Resources to launch arbitration proceedings over the new DRC mining code this week.

The new DRC mining code, which includes increases to royalties and taxes, was signed into law in March, despite protests by the long list of mining companies operating there.

Enforcement of the new code started in mid-June.

Speaking on a conference call today, Carroll said Chinese-backed MMG last night sent the DRC government a formal request for negotiation under the bilateral investment treaty between China and the DRC.

“If negotiation fails, then we would look at starting arbitration,” he said.

“We think Glencore and Randgold will go into arbitration this week.”

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