Tag: yves kabongo

DRC to suspend value added tax exemption for mining imports

In an effort to bolster the country's revenue, the Democratic Republic of Congo is suspending the value-added tax exemption on imports by mining companies. Congo, Africa’s top copper producer, had exempted mining companies from paying VAT on imports since 2016 to help them during a commodity price downturn. Yves Kabongo, Vice Chairman at Makutano Foundation joins CNBC Africa for more.

Here’s what makes DRC mining sector a strategic economic driver for the country

Copper production in the Democratic Republic of Congo (DRC) increased by 17 per cent year-on-year to 1.433 million tons in 2019. It is projected that by 2027, demand for copper will surge by 900 per cent. How is DRC positioning itself to increase supply and satisfy this demand? Still in DRC, Barrick Gold announced that it would not approve Congolese parastatal, Société Minière de Kilo-Moto’s (SOKIMO) intended sale of its 10 per cent interest in the Kibali Gold Mine to AJN Resources. Yves Kabongo, Vice Chairman of Makutano Foundation joins CNBC Africa for more.
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