Published • loading... • Updated
Congo bans exports of copper, cobalt concentrates, official order says
The order aims to push more mineral processing at home and let the mines minister grant one-year waivers 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.
Insights by Ground AI
15 Articles
15 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.
·London, United Kingdom
Read Full Article
DR Congo Mine Deadline Passes With Worker Stakes Undelivered
Mining companies in DR Congo had until 31 July to transfer 5% of their capital to employees. The deadline has passed in silence, testing a 2018 Mining Code rule never yet enforced. The post DR Congo Mine Deadline Passes With Worker Stakes Undelivered appeared first on The Rio Times.
Glencore's profits exploded, thanks to the Swiss company's natural resources in Congo, but Kinshasa wants to push back the power of foreign mining giants.
·Zürich, Switzerland
Read Full ArticleCoverage Details
Total News Sources15
Leaning Left2Leaning Right4Center3Last UpdatedBias Distribution45% Right
Bias Distribution
- 45% of the sources lean Right
45% Right
L 22%
C 33%
R 45%
Factuality
To view factuality data please Upgrade to Premium
