DR Congo: Government bans export of copper and cobalt concentrates
The Democratic Republic of Congo has banned the export of copper and cobalt concentrates, marking a major escalation in its push to force domestic processing.
A government report, seen by news agency, Reuters, said this was part of the country’s bid to retain more revenue from its vast mineral wealth.
The order will also see the introduction of new taxes for economically significant mining by-products.
While the ban takes effect immediately, the new by-product tax regime has a three-month transition period.
The Congo is the world’s largest cobalt producer and second-largest supplier of copper, both of which are highly sought after globally.
They are used in a wide variety of products including electronics, rechargeable batteries, motors, and generators.
The mining sector is the driving force behind the DRC’s economy accounting for about half of the country’s GDP, estimated at $10.9 billion.
