Newmont Mining investing in projects in the Congo
December 21, 2010
This past Wednesday, Newmont Mining announced the purchase of 18.59% of shares of Loncor Resources, a Canadian company exploring for minerals in the eastern Democratic Republic of Congo. The Loncor concessions include sites in Orientale and in North Kivu, a zone often known for conflict.
Also on Wednesday, the US Securities and Exchange Commission (SEC) released draft regulations on importation of conflict minerals from the Congo Basin. Those regulations, as well as regulations on transparency of mining company payments to foreign governments and safety of mines, are some of the implementing regulations for the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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