Story perspectives

DRC Bans Copper, Cobalt Exports, LME Copper Rises

8/6/2026

Summary

Story summary

Minister Louis Kabamba Watum signed a June 29 order banning copper and cobalt concentrate exports in the Democratic Republic of Congo.
The ban forces domestic processing, adds a tax on by-products, and allows a three-month transition with one-year strategic waivers.
London Metal Exchange copper rose 1.8% to $14,369.50 a ton after the ban.
Analyst Christian-Geraud Neema said operators are unaffected because metals are already refined domestically, though Kamoa-Kakula may feel impact.

History

Historical Context

In 1975 President Kenneth Kaunda halted Zambia’s copper exports after a 1973 slump cut copper’s export-earnings share from about 95% to half, prompting IMF and World Bank reform demands. On June 29 2024 DRC Minister Louis Kabamba Watum banned copper and cobalt concentrate shipments, pushing mines like Kamoa-Kakula toward local smelting. The bans have revived price spikes on the London Metal Exchange.

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Story summary

Minister Louis Kabamba Watum signed a June 29 order banning copper and cobalt concentrate exports in the Democratic Republic of Congo.
The ban forces domestic processing, adds a tax on by-products, and allows a three-month transition with one-year strategic waivers.
London Metal Exchange copper rose 1.8% to $14,369.50 a ton after the ban.
Analyst Christian-Geraud Neema said operators are unaffected because metals are already refined domestically, though Kamoa-Kakula may feel impact.

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