According to the Congolese mining charter (article 269) , mining companies operating in the country are obliged to deposit 60% of their export earnings into a Congolese held account.
However since June 2019 some companies have failed to comply with this regulation, costing the Congolese government around US$1.5 billion , the President denounced.
President Felix Tshisekedi has since instructed the Central Bank and the General Directorate of Imports (DGRD) to sanction and apply stiff penalties on companies who do not settle their dues within 15 days.
Tshisekedi, who was elected in December 2018, has been reluctant to review the Democratic Republic of Congo's mining code, which some multinational companies believe is detering even much bigger investment.
The current mining code was introduced by former President Joseph Kabila with the aim of increasing loyalty fees and provide greater earnings and benefits to the government and the Congolese people.
Under the code mining companies are also expected to pay 50% tax on excess profit. Another sticking point is that companies will need to secure at least 40% funding before venturing into a new project; and this amount should not be financed through debt.
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