(Ecofin Agency) - In a joint statement published yesterday March 29, the international mining companies operating in DR Congo announced that a formal proposal outlining the recommended changes to “improve the efficiency” of the new mining code has been submitted to the mines Ministry.

The companies said that their proposal would meet both Congolese government's expectations to increase mineral resource revenues and the industry’s concerns about a number of propositions in the code.

They suggest the State should link the royalty rates to the prices of the country’s main products. This is said to be a more efficient mechanism than the tax on the profit introduced in the new code. The amendments also cover stability clauses, state guarantees and mining agreements.

Moreover, the companies have stated that they agreed with 76% of the articles in the new code and would change the rest. Plus these modifications are, according to them, only intended to ensure the effectiveness and legality of the code.