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.
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27 Articles
(Johannesburg=Yonhap News) Correspondent Na Hak-jin = The Democratic Republic of the Congo (DRC) is encouraging domestic mineral processing and increasing added value through copper and cobalt concentrates (composition...
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