12 Feb 2015, 12:05 pm
Last week, the Congolese government announced that it would no longer discuss its proposed new mining code with mining companies, but would instead pass it directly to parliament.
This decision poses a "material threat" to further investment, the chamber said in a statement.
"We have been working together on this since 2013 and it is the industry's view that significant progress has been made, with only the royalty and stability issues outstanding. We were therefore surprised and disturbed to be informed last week that the government had unilaterally suspended these consultations and was proceeding with draft legislation which we have not even seen in its complete form."
"The DRC is rich in mineral wealth but the only way to convert that potential into real and lasting value for the country and all its people is to draw new investment into the mining industry."
To do so will require "an equitable mining code which fully recognises the right of the mining companies and their investors. Investment dollars are mobile, and will quickly leave a mining jurisdiction if the legislative environment deteriorates," the chamber said.
The broad variations between sectors in the DRC's mining industry mean that a one-size-fits-all code will not work, the chamber said; so further discussion with the industry and with companies working in each sector is vital.
