DRC bans copper and cobalt concentrate exports

Congo banned exports of copper and cobalt concentrates effective Thursday, an order states, escalating its push to force domestic processing and retain more mineral value. The June 29 order by the mines, trade and economy ministers creates a by-product tax regime with a three-month transition. DRC, the top cobalt and second-largest copper supplier, permits one-year strategic export waivers. The ban escalates efforts to retain value from vast mineral resources. Major operators include China's CMOC, Glencore, Huayou Cobalt, Zijin Mining, Ivanhoe Mines and Eurasian Resources Group.