Congo bans exports of copper, cobalt concentrates

The Democratic Republic of Congo has banned exports of copper and cobalt concentrates, effective immediately, in a major escalation of its drive to force domestic processing and retain more value from its mineral resources. The June 29 order, signed by the mines, foreign trade, and economy ministers, allows a one-year waiver in strategic circumstances. Miners must declare by-products in exports, and a 55% valuation coefficient will tax economically significant by-products. The move affects major producers including Glencore, Huayou Cobalt, Zijin Mining, Ivanhoe Mines, and Eurasian Resources Group.