THE AGREEMENT FOR THE TRANSFER OF KISANFU MINING ASSETS FROM PHELPS DODGE TO CMOC
After two days of multiple meetings with representatives of Freeport McMoran Corporation / Phelps Dogde Congo Sarl, China Molybdenum Company Ltd (CMOC) and Huatuo Cobalt Company Limited (HCC), the last two being applicants for the purchase of the mining asset of Kisanfu already researched and documented by Phelps Dodge Congo Sarl.
His Excellency the Minister of Mines, Professor Willy KITOBO SAMSONI has just signed on behalf of the State, in accordance with the provisions of article 276 bis of the Mining Code, the agreement for this transfer of mining assets from Kisanfu to Phelps Dodge to CMOC and recommended that they go and regularize the payment of the tax calculated on the capital gain, in accordance with the requirements of the mining law.
This transfer of Kisanfu’s shares to CMOC gives the DRC mining sector the opportunity to develop as quickly as possible for the benefit of the province of Lualaba and particularly to the local communities of the Decentralized Territorial Entities of Kisanfu. It is also a blow to the Congolese State Public Treasury which will pocket, before the end of the year, millions of dollars in the form of tax paid at the level of the DGI.
