DR Congo signs new mining law despite companies' opposition - BBC News - 0 views
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The Democratic Republic of Congo has moved to increase taxes on mining firms and increase government royalties from the industry despite fierce opposition from international mining companies. President Joseph Kabila signed a new mining code into law on Friday.The country is Africa's biggest producer of copper and cobalt, a vital component in mobile phone batteries.
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Its mining industry - which also produces diamond, tantalum, tin and gold - is the country's largest source of export income. The law, which was passed by parliament in January, will double government royalties on all minerals.
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The impoverished yet mineral-rich nation provides more than 60% of the world's cobalt. Prices for it more than doubled last year thanks to an increased demand for electric cars, which require cobalt for batteries.