CLA - Cobalt related news, page-2927

Don't be in a rush to do business in world's top cobalt producer



The World Bank says that about 90% of all business activities in Congo take place “below the radar,” public institutions are dysfunctional and some state workers haven’t been paid in years.

Mining bosses such as Glencore’s Ivan Glasenberg and Barrick Gold’s Mark Bristow saw Tshisekedi’s arrival as an opportunity to lobby against legislation Kabila adopted last year that significantly increased royalties and taxation. The president has indicated so far he’ll stick with his predecessor’s reforms.

Huge challenges confront Tshisekedi, 55. The largest and one of the least-developed nations in sub-Saharan Africa, Congo relies entirely on mining for its exports. It’s also one of the most difficult places to get anything done, with the World Bank ranking it 184th out of 190 countries in its latest Doing Business report, just above South Sudan, but below war-torn Central African Republic.