The Democratic Republic of Congo (DRC) has banned the export of copper and cobalt concentrate but will allow mining companies that hold waivers to continue with shipments.
Three companies operating copper and cobalt mines in country have confirmed to have received a notice signed by Bernard Bosele Pilipilithe provincial director of Customs and Excise in the Katanga province of DRC.
Congo, the world’s no.1 cobalt producer and Africa’s biggest copper miner, banned exports of concentrates in 2013 to encourage miners to process and refine the ore locally. Insufficient smelting capacity, however, has driven the Congolese government to repeatedly issue waivers. Last year, the mining ministry granted an indefinite moratorium for all minerals exports, except copper concentrate, pending discussions with miners.
Framework
The ban freeze was then replaced by a framework allowing the Minister of Mines to grant individual exceptions on a case-by-case basis following an application by an interested party.
Among the companies to be affected by the recent ban is Ivanhoe Mines (TSX: IVN) who announced the beginning of production of copper concentrate at its Kamoa-Kakula project in the DRC, months ahead of schedule as the metal continues to trade close to all-time highs.
Kakula, the first mine planned at the concession, is initially forecast to generate 3.8 million tonnes of ore a year at an average feed grade “well in excess of 6% copper” over the first five years of operation, the company said