June 14, 2017 / 12:34 PM / 3 years ago

Madagascar's president says no plans to change mining code

Madagascar President Hery Rajaonarimampianina meets with Chinese President Xi Jinping (not pictured) at the Great Hall of the People on March 27, 2017 in Beijing, China. REUTERS/Lintao Zhang/Pool Hery

PRETORIA (Reuters) - Madagascar president Hery Rajaonarimampianina said on Wednesday that the government did not plan to go through with planned changes to its mining code that had alarmed investors.

Asked at a media briefing at an investment conference in Pretoria about the changes which had been expected this year Rajaonarimampianina said no changes were now planned to maintain investment stability.

A new draft code dated Aug. 25 last year showed Madagascar planned to increase royalty fees and claim 10 percent stakes in mining concessions.

Reporting by Ed Stoddard, editing by Louise Heavens

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