- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
The DRC has imposed a ban on exports of copper and cobalt concentrates to encourage more value-added production.
The Democratic Republic of Congo has banned exports of copper and cobalt concentrates, forcing mining companies to export value-added minerals.
The order signed by Mining Minister Martin Kabwelulu on April 5 gives, companies 90 days to clear their stocks before the ban comes into force. “Little by little, within the next three months, we need to no longer export concentrates,” Kablwelulu told Reuters.
Last year, the Congo was the eighth largest copper producer, with copper production around 500,000 tonnes per year. The country was also the larges cobalt producer in 2012.
Unaffected by the ban is the Congo’s largest copper producer, Freeport-McMoRan (NYSE:FCX), which already processes its copper inside the country. As far as Freeport’s cobalt production is concerned, the company must prove that its cobalt hydroxide produced at the Tenke Fungurum project is a finished product in order to avoid the ban. This could potentially impact the company’s recently acquired Kokkola cobalt refinery in Finland.
Securities Disclosure: I, Vivien Diniz, hold no investment interest in any of the companies mentioned.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.