Congo bans exports of copper, cobalt concentrates, official order says
The order aims to push more domestic processing and raise mining revenue, with one-year export waivers allowed in strategic cases.
- On Thursday, Congo banned exports of copper and cobalt concentrates, aiming to force domestic processing and retain more value from its mineral resources according to a government order.
- Mining drives the DRC economy, accounting for half of the country's GDP estimated at $10.9 billion, making the sector the driving force behind national revenue.
- The export ban takes effect immediately while the new by-product tax regime includes a three-month transition period, allowing the mines minister to grant one-year waivers under "strategic" circumstances.
- Mines Minister Louis Kabamba Watum, Foreign Trade Minister Julien Paluku Kahongya, and Economy Minister Daniel Mukoko Samba signed the order on June 29, establishing the regulatory framework.
- Major operators in Congo include CMOC, Glencore, Huayou Cobalt, Zijin Mining, Ivanhoe Mines, and Eurasian Resources Group, which extract minerals used in electronics, batteries, motors, and generators.
12 Articles
12 Articles
EXCLUSIVE: Congo bans exports of copper, cobalt concentrates, official order says
Congo has banned exports of copper concentrate and cobalt concentrate in a major escalation of its drive to force domestic processing and retain more value from its vast mineral resources, according to a new government order reviewed by Reuters on Thursday.
The Democratic Republic of the Congo has banned the export of copper and cobalt concentrate with immediate effect, and the world's largest cobalt producer and second-largest copper producer has also introduced a new tax system on mining by-products. The measure affects several major international mining companies, and the news sent copper futures soaring to a new all-time high.
Copper prices reached their highest level in six months, coinciding with concerns about declining stocks outside the United States with concerns about declining supplies of Congo concentrates.
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