Governments, most prominently those of Sub-Saharan countries, have argued for huge tax hikes on mining, oil and gas contracts in the name of the national interest. But beyond the rhetoric, resource nationalism is a cover for a business-as-usual bias.
Big mining firms in the Democratic Republic of Congo are worried. For the past decade they've made good money from the country's huge reserves of cobalt, diamonds, gold and copper, and now the government wants to grab more of the action: a document leaked to Bloomberg reveals plans to raise royalties and profit taxes, and increase the state's share in any new ventures.
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