For DRC Minister of Mines, the improvement in metal prices is an opportunity for the country to boost its economy
The Minister of Mines, Willy Kitobo calls on the government to be cautious in order to better manage the upturn in metal prices due to the fact that the Congolese economy is extroverted.
In a communication made on Friday February 26, Willy Kitobo urges the government to maintain good management policy in the mining sector.
“For the Minister, the improvement in metal prices is good news for the extractive sector which should not make us lose sight of the fact that we must continue to maintain the good management policy of the mining sector, dialogue with all stakeholders and continue the reforms initiated to mobilize revenue, clean up artisanal mining activities and strengthen the application of the provisions of the Mining Code affecting the interests of local communities impacted by mining projects ”, informs the press release from the Ministry of Mines.
Willy Kitobo notes that the rise in metal prices has always been good news for our economy as it stabilizes mining activity and pushes miners to invest more and more in this sector.
“Today, with copper selling internationally at USD 9,600 / tonne and cobalt at USD 52,000 / tonne, we have passed the mark of USD 8,400 / tonne Cu reached in 2012. With the monotonous growth in price of cobalt, we will probably be able to return to the levels reached in 2017-2018 of more than 80,000 USD / tonne. The Government therefore has an opportunity, with a good mining policy and deep reforms in the management of mining companies in the portfolio of the State, to resume its economy of yesteryear, “says Willy Kitobo.
For the Minister, since the bankruptcy before 2002 of the mining companies in the State portfolio, they have had difficulty relaunching their activities and contributing effectively as in the past to the State’s revenues and to the GDP of our country. Efforts to resume mining activities have been undertaken since the promulgation of the mining law in 2002 with private and mainly foreign investment, but the expected impact is not perceptible. Revenue mobilization has remained weak to boost the development of the DRC. “This is one of the reasons that pushed the country to revise the
Mining Code in 2018,” he said.
