Congo Bans Copper And Cobalt Concentrate Exports

KINSHASA — The Democratic Republic of Congo has banned exports of copper concentrate and cobalt concentrate, escalating its push to force domestic processing and retain more value from its mineral wealth, according to a government order reviewed by Reuters. The ban took effect immediately. London copper prices rose as much as 1.8% following the report, hitting $14,369.50 a metric tonne, the highest level since January 29, when the metal touched an all-time peak of $14,527.50. It was trading at $14,300 as of 0930 GMT. What the order actually says The June 29 order, signed by Mines Minister Louis Kabamba Watum, Foreign Trade Minister Julien Paluku Kahongya and Economy Minister Daniel Mukoko Samba, states plainly that "the export of copper and cobalt concentrates is prohibited." One-year export waivers remain available under strategic circumstances, though the order doesn't specify what qualifies. It also introduces a new tax regime, with a three-month transition period, covering economically significant mining by-products. The stated rationale is direct: encouraging mining operators to market or export higher-value mineral products rather than raw concentrate. Congo has been here before. This is the fourth such ban since 2013, following earlier restrictions in 2019 and 2023, each time with waivers granted where domestic smelting capacity fell short of what a full ban would require. The latest order repeals the 2023 version and its exemptions outright, replacing it with a broader framework governing mineral exports and by-product taxation. Why the market moved but analysts stayed calm The scale of the reaction versus the scale of the actual disruption is worth separating out. Congo mostly exports copper as refined cathode already, not concentrate. In the first quarter of 2026, the country shipped 696,725 tonnes of copper cathodes, against just 53,926 tonnes of copper concentrate containing 18,863 tonnes of copper metal, according to official data. Cobalt followed a similar pattern: 51,940 tonnes of cobalt hydroxide, containing 17,054 tonnes of cobalt metal, over the same period. Christian-Geraud Neema, a mining analyst at the China-Global South Project, said the ban is unlikely to hit most operators hard precisely because the bulk of Congo's copper and cobalt is already refined domestically before it leaves the country. The venture most exposed is Kamoa-Kakula, jointly owned by Ivanhoe Mines, China's Zijin Mining and the Congolese government, which still exports some concentrate under exemption from the prior regime. Ivanhoe and Zijin didn't respond to requests for comment, and neither did the Congolese chamber of mines. Why this matters beyond Congo's borders Congo dominates global cobalt supply and is a major copper source feeding the energy transition, which is exactly why repeated concentrate bans keep drawing this level of market attention despite limited immediate volume impact. The policy logic tracks a pattern showing up across the region: countries with mineral wealth increasingly betting that controlling the processing step, not just the extraction, is where the durable value sits, the same logic running through Tanzania's own Vision 2050 emphasis on value addition and its Investment, Infusion and Innovation strategy. There's a more concrete regional angle too. Congo's copper belt feeds export corridors running through neighbouring countries, including Tanzania's own ports and rail links positioning themselves as gateways for exactly these energy-transition minerals. A DRC policy pushing more processing to happen domestically, rather than shipping raw concentrate out for refining elsewhere, changes what moves through those corridors and how much value gets captured at each stage. It's a reminder that Tanzania's ambitions to become a regional logistics and mineral transit hub depend partly on decisions made in Kinshasa, not solely on infrastructure built in Dar es Salaam or Tanga. The pattern worth watching Four bans in thirteen years, each with waivers carved out where domestic capacity couldn't yet absorb the restriction, suggests Congo's processing capacity is still catching up to its stated ambition rather than having already closed the gap. Whether this fourth attempt sticks longer than the previous three likely depends on how much smelting and refining capacity Congo has actually added since 2023, a detail the order itself doesn't address and that the muted market reaction beyond the initial price spike seems to reflect. FAQ What exactly did the DRC ban? Exports of copper concentrate and cobalt concentrate, effective immediately, with one-year waivers possible under strategic circumstances. How did copper prices react? London copper rose as much as 1.8% to $14,369.50 a tonne, near January's all-time peak of $14,527.50. Why is the expected market impact limited? Most Congolese copper and cobalt already leaves the country as refined cathode or hydroxide, not raw concentrate, so the ban affects a relatively small share of actual export volume. Which company is most exposed? Kamoa-Kakula, owned by Ivanhoe Mines, Zijin Mining and the Congolese government, which still exports some concentrate under an exemption from the prior 2023 order. Has the DRC done this before? Yes. This is the fourth concentrate export ban since 2013, following similar measures in 2019 and 2023, each eventually softened with waivers.