Congo bans copper cobalt concentrate exports

The Democratic Republic of the Congo has banned exports of copper and cobalt concentrates, effective immediately, as part of an escalation of its drive to force domestic processing and retain more value from its mineral resources. The June 29 order, signed by Mines Minister Louis Watum Kabamba, Foreign Trade Minister Julien Paluku Kahongya, and Economy Minister Daniel Mukoko Samba, prohibits the export of copper and cobalt concentrates. It also introduces a new tax regime for economically significant mining by-products, with a three-month transition period. The mines minister may grant one-year export waivers under strategic circumstances. The ban repeals the 2023 order and its exemptions, replacing it with a broader framework. The DRC is the world's largest cobalt producer and second-largest copper supplier. Major operators include CMOC Group Limited, Glencore, Zhejiang Huayou Cobalt, Zijin Mining, Ivanhoe Mines, and Eurasian Resources Group. Most copper and cobalt is already refined domestically, so the impact on most operators is expected to be limited. The Kamoa-Kakula venture, owned by Ivanhoe Mines, Zijin Mining, and the DRC government, may be most affected as it still exports some concentrate under exemptions. Following the announcement, benchmark three-month copper on the London Metal Exchange rose by as much as 1.8% to $14,369.50 per metric ton, the highest since January 29.