Kinsevere and government meetings in Kinshasa
The status of Kinsevere activities, business climate challenges, environmental tax as well as value added tax (VAT) reimbursement and Central Bank BCC matters, were recently discussed with Democratic Republic of Congo (DRC) Government officials. Kinsevere is advocating in good faith with DRC authorities in a bid to reassure our shareholders that we are serious about forming a win-win partnership.
The MMG Commercial and Stakeholder team, led by Deputy GM Mr Dexiao Qi, met with Nicole Bwatsha the President Deputy Chief of Staff in charge of Legal / Diplomatic matters, Antoinette N’samba Minister of Mines, Nicolas Kazadi Minister of Finance, Godard Motemona, the Deputy Minister of Mines and Barnabé Muakadi, Tax Authority MD (DGI).
Dexiao Qi was accompanied by Commercial Manager Joe Barry Kasanda, Deputy Secretary General Freddy Elonga and Communication Advisor Lydia Mpundu.
Mr Dexiao deputised on behalf of the GM Mr Weiquan, acknowledging the fruitful relations between MMG Limited’s subsidiary and its host country, the DRC. He pointed out that Kinsevere is in the final stages of processing oxides. He emphasised that CMC, our major shareholder, wants to invest in the new Kinsevere Expansion Project, extending the mine life over 10 years, bringing higher copper production volumes and job opportunities to the Province of Haut-Katanga.
In order to make this project a success, Dexiao requested that DRC authorities would pay special attention and support VAT matters as well as the repatriation of sale proceeds and environmental taxes.
“We requested that the government initiate a tripartite mining sector meeting through relevant ministries and the General Directorate of Administrative, Judicial, Domanial and Participation Revenues (DGRAD) to consider Kinsevere’s environment tax law concerns. By seeking a review of the law, we expect to reach a mutually agreeable way forward on taxable items and applicable rates,” explained Joe Barry Kasanda.
The Kinsevere leadership team is keen to see productive discussions with DRC authorities, who have indicated their intent to seriously assess the issues through a committee process.
