DRC Bans Export of Copper and Cobalt Concentrates

 The Democratic Republic of the Congo (DRC) has imposed a ban on the export of copper and cobalt concentrates in order to develop domestic processing and increase the added value of mineral products, Actualite.cd reports, citing the relevant interministerial decree.

The document was signed by Vice-Prime Minister for the National Economy Daniel Mukoko Samba, Minister of Mines Louis Kabamba Watum, and Minister of Foreign Trade Julien Paluku Kahongya.

As an exception, under certain circumstances, the Minister of Mines may grant companies a deferral of export restrictions for up to one year.

The new act also introduces a tax on "mining by-products of economic interest" — rare and very rare minerals extracted during the processing of primary raw materials. The tax rate is set at 55% of the gross commercial value of the products.

The DRC is the world's largest supplier of cobalt and one of the leading producers of copper.

In July, scientists from the University of Wisconsin-Madison stated that cobalt mining in the DRC had led to approximately 2,000–5,000 tons of natural uranium entering the global market, bypassing the International Atomic Energy Agency's (IAEA) accounting system.