Echoes of economy of July 27, 2023: Withdrawal of the approval of Congo Gold Refinery by the Ministry of Mines
In a surprising decision, the Ministry of Mines revoked the license of the gold refinery mining company, Congo Gold Raffinerie, based in Bukavu. According to Minister Antoinette N’Samba, this action was motivated by the non-respect of the social obligations of the company, in particular with regard to the development of the specifications of societal responsibilities.
However, experts in the mining sector point out that processing entities are not required to comply with the specifications, as stipulated in the mining code. They claim that only holders of mining rights and quarrying authorizations are subject to this obligation.
This decision by the Ministry of Mines has significant repercussions, as Congo Gold Raffinerie’s gold refinery is the first of its kind in the Democratic Republic of Congo. With its processing capacity of 200 kg of gold per day and 2 tonnes per month, it plays a key role in the country’s gold industry.
Congo Gold Raffinerie officials expressed their incomprehension of this decision, stressing that the company has always complied with legal and social obligations.
This situation highlights the challenges faced by mining companies in the Democratic Republic of Congo. Complex and sometimes conflicting regulations can make it difficult to comply with government requirements.
At the same time, other current economic topics are also making headlines. The second Russia-Africa summit is currently being held in Russia, highlighting the economic stakes between the two sides. At the national level, Finance Minister Nicolas Kazadi had a meeting with members of the Association Congolaise des Banques, discussing crucial financial issues for the country.
In the province of Beni, the occupation of Rutshuru by the M23 has a major impact on the economy of the rural commune of Kanyabayonga. The inhabitants face economic difficulties and need concrete measures to reverse this situation.
The issue of entrepreneurship is also discussed, particularly during the meeting between Slim Khalbous, rector of the Agence Universitaire Francophone, and the students. Emphasis is placed on the importance of fostering entrepreneurship to create employment opportunities and stimulate the economy.
Finally, in North Kivu, the development of roads in the Walikale region is lagging, which limits the economic development of the region. Rehabilitation efforts are needed to improve connectivity and stimulate agricultural and economic activity.
In sum, economic news in the Democratic Republic of the Congo presents both challenges and opportunities.. Concerns around the respect of social obligations in the mining sector, as well as national and regional economic issues, highlight the need for policies and concrete measures to promote the economic and social development of the country