EXCLUSIVE-Congo bans exports of copper, cobalt concentrates, official order says

The Democratic Republic of Congo has banned exports of copper and cobalt concentrates, introducing a new tax regime to increase revenue from its mining sector and force domestic processing.

Congo has banned exports of copper concentrate and cobalt concentrate in a major escalation of ‌its drive to force domestic processing and retain more value from ‌its vast mineral resources, according to a new government order reviewed by Reuters on Thursday.

The June 29 order, signed by Mines Minister Louis Kabamba Watum, Foreign ⁠Trade Minister ​Julien Paluku ⁠Kahongya and Economy Minister Daniel Mukoko Samba, states that "the export of copper and cobalt concentrates ⁠is prohibited." Democratic Republic of Congo, the world's largest cobalt producer and second-largest ​copper supplier, also introduced a new tax regime for economically significant ⁠mining by-products as part of a broader effort to increase revenue from its ⁠mining sector.

The ​ban takes effect immediately, while the new by-product tax regime has a three-month transition period. The mines minister may grant one-year ⁠export waivers under "strategic" circumstances, the order said. Major operators in Congo include China's ⁠CMOC, the world's ⁠largest cobalt producer, Glencore, Huayou Cobalt, Zijin Mining, Ivanhoe Mines and Eurasian Resources Group.