THE Cote d’Ivoire’s newly negotiated mining code would make doing business in the west African country “ahead of the rest of Africa”, said Mark Bristow CEO of UK-listed gold producer, Randgold Resources.
“We have concluded negotiations very constructively to all intents and purposes with all different ministries and government,” said Bristow of the new mining code.
“We were consulted as individual investors. We need to see the final draft on what we agreed, but the product we agreed to is a code that puts Cote d’Ivoire ahead of rest of the mining industry in Africa,” he said.
Bristow said DRC is a bit schizophrenic. Had a leaked draft then an updated one. Shared view with govt that revenue is 100% to Govt that that?s a bad deal and government concurred with us. Govt is clear on importance of attracting capital. Kibali delivered because all credit to Govt ? central and provincial ? because you don?t build that without Govt support. Our challenge to Govt of DRC that strongly recommending that keep current code as it is as most aggressive code in Africa.
Should rather look at its application. Only small part of sector that?s operating under code as most dealing in conventions or with parastatals. We don?t do side deals but negotiate on clear laws. Biggest problem is bureaucrats. Normalisation of law is not in their interests and frustrating business is what they thrive on.
Source: miningmx
