DRC and Barrick Agree New Deal

The Democratic Republic of Congo (DRC) and mining company Barrick Gold have agreed an extension of the company’s exploration programme.

The agreement was made during the recent visit by DRC President Felix Tshisekedi to Washington and concern a concession held by Barrick and its Joint Venture partner AngloGold Ashanti to develop the country’s gold ore bodies at Kibali.

The announcement comes as President Tshisekedi is looking to renew investor confidence and interest in the country following a period of instability. A new mining code introduced shortly ahead of election has raised royalties, taxes and removed certain protections for companies, has raised the costs for firms operating in the industry.