Democratic Republic of Congo bans copper, cobalt concentrate exports
The Democratic Republic of Congo has banned the export of copper and cobalt concentrates produced in the country, as it tries to encourage more processing of its mineral resources within its borders, Reuters reported on Wednesday. The move could affect certain exporters of those materials, some of those from China.
Congo is the world’s largest supplier of cobalt, an important mineral used in new energy batteries. It is also an important supplier of copper, whose prices have been rising recently on strong demand for wire used to transmit electricity for power-hungry AI applications.
The new order signed on June 29 prohibits the export of copper and cobalt concentrates from Congo with immediate effect, though export wavers could be granted. Ivanhoe Mines (IVN.TO) released a statement on Wednesday saying its Kamoa-Kakula copper joint venture with China’s Zijin Mining (2899.HK; 601899.SH) had received multiple exemptions that allowed it to keep exporting its copper concentrate since output began in 2021.
Congo has previously imposed similar export bans in 2013, 2019 and 2023.
By Doug Young
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