DRC bans copper and cobalt concentrate exports, pushing London copper to six-month high

DRC banned copper and cobalt concentrate exports to boost domestic processing, pushing London copper prices to a six-month high. The June 29 order, signed by three ministers, takes effect immediately, though one-year export waivers may be granted under strategic circumstances. It also introduces a tax regime with a three-month transition period for significant mining by-products. Congo, the world's largest cobalt supplier and a major copper producer, has imposed similar bans in 2013, 2019 and 2023, often granting waivers when domestic smelting capacity was insufficient.