The Democratic Republic of Congo (DRC) has banned the export of copper and cobalt concentrates as part of a major policy shift aimed at promoting domestic mineral processing and increasing revenue from its mining sector.
The order, signed by Mines Minister Louis Kabamba Watum, Foreign Trade Minister Julien Paluku Kahongya and Economy Minister Daniel Mukoko Samba, took immediate effect and prohibits all exports of copper and cobalt concentrates.
The DRC, the world’s largest cobalt producer and second-largest copper supplier, has also introduced a new tax regime for economically significant mining by-products, with a three-month transition period. The order reviewed by media houses on Thursday also allows the mines minister to grant one-year export waivers in strategic cases.
The move affects major mining companies operating in the country, including CMOC, Glencore, Huayou Cobalt, Zijin Mining, Ivanhoe Mines and Eurasian Resources Group.