DRC bans exports of copper and cobalt concentrates

The Democratic Republic of Congo issued a decree on June 29 prohibiting the export of copper and cobalt concentrates, aiming to force domestic processing and retain more value from its mineral resources. The order, signed by Mines Minister Louis Kabamba Watum, Foreign Trade Minister Julien Paluku Kahongya and Economy Minister Daniel Mukoko Samba, takes effect immediately but allows the mines minister to grant one‑year waivers for “strategic” cases. It also introduces a new tax regime for significant mining by‑products, with a three‑month transition period.

The ban affects a sector where the DRC is the world’s largest cobalt producer and the second‑largest copper supplier. Major operators such as China’s CMOC, Glencore, Huayou Cobalt, Zijin Mining, Ivanhoe Mines and Eurasian Resources Group are subject to the new rules. Analysts note that many firms already ship processed copper cathodes, limiting immediate disruption, though projects like the Kamoa‑Kakula mine could face exposure if they still rely on concentrate exports.

Financial markets reacted quickly: copper prices on the London Metal Exchange rose about 1.8% after the announcement. The policy follows earlier export restrictions introduced in 2013 and revised in 2023, reflecting a broader strategy of resource nationalism similar to Indonesia’s nickel export ban. The move also draws attention from industries such as cryptocurrency mining, which depend on copper for wiring and cobalt for battery storage.