Foreign mining firms have strongly opposed a new law by The Democratic Republic of Congo that is keen on increasing taxes on mining firms as well as government royalties from the industry. The country holds that its 2002 mining code put too many profits in the hands of foreign companies.
The Democratic Republic of the Congo sits on an estimated $24 trillion worth of natural resources, including 3.2 trillion cubic feet of natural gas, large deposits of iron ore, platinum, diamonds, gold and uranium, as well as 106270 square kilometers of arable land. Ironically, 63 percent of its citizens live under the poverty line.
While the stance the country has taken is a step in the right direction, exploitation by imperialists, proxy wars, dictatorship, ethnic feuds and corruption will still undermine the empowerment process. Bringing DR Congo on the right trajectory calls for a broad spectrum of interventions.