THE Democratic Republic of Congo has banned exports of copper and cobalt concentrate, marking a major escalation of its push to force domestic processing, said Reuters in an exclusive report on Thursday.
The country’s aim is to capture more value from its mineral wealth, Reuters added citing a government order it had seen.
The order, dated 29 June and signed by Mines Minister Louis Kabamba Watum, Foreign Trade Minister Julien Paluku Kahongya and Economy Minister Daniel Mukoko Samba, states plainly that “the export of copper and cobalt concentrates is prohibited.”
Congo, the world’s largest cobalt producer and second-biggest copper supplier, has also introduced a new tax regime covering economically significant mining by-products, part of a wider effort to boost revenue from its mining sector.
The export ban takes effect immediately, while the by-product tax regime carries a three-month transition period. The mines minister retains the power to grant one-year export waivers in “strategic” circumstances, according to the order.
Major operators active in Congo include China’s CMOC, the world’s largest cobalt producer, along with Glencore, Huayou Cobalt, Zijin Mining, Ivanhoe Mines and Eurasian Resources Group.
