The Democratic Republic of Congo has banned miners from exporting copper and cobalt concentrates to encourage miners to process and refine the product domestically.
According to government reports, this was part of the country’s bid to retain more revenue from its vast mineral wealth.
The order will also see the introduction of new taxes for economically significant mining by-products.
READ ALSO: Congo to Ban Cobalt Exporters Over Quota Violations
While the ban takes effect immediately, the new by-product tax regime has a three-month transition period.
The Congo is the world’s largest cobalt producer and second-largest supplier of copper, both of which are highly sought after globally.
They are used in a wide variety of products, including electronics, rechargeable batteries, motors, and generators.
The mining sector is the driving force behind the DRC’s economy, accounting for about half of the country’s GDP, estimated at $10.9 billion.
Africanews/Shakirat Sadiq
