quiet in here A item re the DRC from Miningnews(- and to prove...

quiet in here A item re the DRC from Miningnews
(- and to prove the legal fraternity ain't all rotten)


DRC ok says lawyer
Chris Cann

Monday, September 12, 2005
THE war-torn Democratic Republic of Congo is amongst the more "lender friendly" fiscal environments, according to Simmons & Simmons lawyer Christophe Asselineau.

He told the Africa Downunder Conference in Perth late last week that the DRC mining code, drafted in 2003 by the World Bank, is detailed, self-contained, defines clear ownership and is attractive to lenders.

It was one of several revelations Asselineau brought to the fore during his presentation.

He said a five-year civil war, $US12 billion national debt and the stalling of democratic elections until 2006 had many companies placing the DRC in the "too hard basket", but the picture was not as bleak as some imagined.

He said an increase in lawyers with overseas experience had brought a western influence to an evolving legislative system, but warned against involvement with local joint venture partners and advised caution when drafting the required 'environmental plan'.

Under the mining code, a company can only be held responsible for environmental infractions specified in its environmental plan.