Congo Bans Raw Metal Exports, Sending Global Prices Soaring

Congo has banned the export of copper and cobalt concentrates, effective immediately. The ban was signed by three ministers on June 29 but took effect on August 6. The order is clear: 'the export of copper and cobalt concentrates is prohibited.'

This move will impact global buyers of raw copper and cobalt, as Congo is the world's second-largest copper producer and its top cobalt supplier. Both metals are essential for electric vehicle batteries, artificial intelligence data centers, and chip production.

The ban gives miners some breathing room: Mines Minister Louis Kabamba Watum can grant one-year 'strategic' waivers, but this decision is discretionary and not a guarantee. A new by-product tax regime also carries a three-month transition period.