Full Breakdown
Congo Imposes Immediate Ban on Copper and Cobalt Concentrate Exports
8/6/2026, 9:08:49 PM
Background and Policy Context
The Democratic Republic of Congo (DRC), the world’s largest cobalt producer and second-largest copper supplier, issued a government order prohibiting the export of copper and cobalt concentrates. The June 29 order repeals the 2023 framework, introduces a tax on mining by-products using a 55 % valuation coefficient, and allows one-year strategic export waivers at the mines minister’s discretion.
Timeline of Key Developments
- March 30 2026 – Lloyds Metals and Energy Limited acquired CHEMAF Group to build an integrated copper-cobalt platform.
- March 16 2026 – Lloyds began commercial production of copper cathodes from a 12,000-tonne-per-annum plant in the Katanga Copper Belt.
- June 29 2026 – Mines Minister Louis Kabamba Watum, Foreign Trade Minister Julien Paluku Kahongya and Economy Minister Daniel Mukoko Samba signed the order banning concentrate exports and setting a three-month transition for the new tax.
- August 6 2026 – Reuters confirmed the ban and noted an immediate reaction in global copper markets.
Affected Companies and Operations
The ban applies to all operators extracting copper and cobalt in the DRC, including CMOC, Glencore, Huayou Cobalt, Zijin Mining, Ivanhoe Mines and Eurasian Resources Group. The Kamoa-Kakula venture—jointly owned by Ivanhoe, Zijin and the Congolese government—continues to ship some concentrate under previous exemptions and may face the greatest operational impact.
Economic and Market Implications
The DRC aims to stimulate local smelting and refining. The new tax will levy royalties on trace minerals recovered during refining, increasing state receipts.
Global markets reacted quickly. Benchmark three-month copper on the London Metal Exchange rose 1.8 % to $14,369.50 per metric ton, the highest level since the January 29 peak of $14,527.50, reflecting concerns about a potential feedstock crunch for custom smelters.
Official Rationale and Statements
The order notes that strategic export waivers may be granted for up to one year under circumstances deemed essential by the mines minister.
Analyst Perspectives and Potential Impact
Mining analyst Christian-Geraud Neema of the China-Global South Project said the ban is unlikely to severely disrupt most operators because most DRC copper and cobalt are already refined domestically, but highlighted Kamoa-Kakula as the most exposed. No comment was received from Ivanhoe, Zijin or the Congolese Chamber of Mines.
Data Summary
- Copper cathodes exported (Q1 2026): 696,725 t.
- Copper concentrates exported (Q1 2026): 53,926 t (18,863 t copper).
- Cobalt hydroxides exported (Q1 2026): 51,940 t (17,054 t cobalt).
The export ban, effective immediately on June 29 2026, marks a decisive step in the DRC’s resource-nationalism agenda, pushing multinational miners to accelerate domestic processing or seek waivers. Its success will depend on expanding smelting capacity, addressing electricity deficits and managing the transition for global supply chains that rely on DRC concentrates.
