DRC bans exports of copper, cobalt concentrates...how about those warehouses..DRC joins bingham canyon and Mongolia, oops supply side predictions being re-assessed.
The country’s mines ministry has ordered that all exports of copper and cobalt concentrates come to an end to encourage more value-added production.
Posted: Wednesday , 17 Apr 2013
KINSHASA (REUTERS) -
Democratic Republic of Congo has banned exports of copper and cobalt concentrates to encourage more value-added production, according to an order from the Mines Ministry obtained by Reuters on Wednesday.
The order, dated April 5 and signed by Mines Minister Martin Kabwelulu, provides companies 90 days to clear stocks before the ban is enforced. It is not expected to affect Congo's largest copper producer, Freeport McMoRan, which already processes its copper inside the country.
"Given the government policy of encouraging value-added minerals products, this interministerial order bans the export of copper and cobalt," the document said.
Congo produces around 500,000 tonnes of copper each year, though it was not immediately clear how much of it is exported unprocessed as concentrate.
Freeport McMoRan's Tenke Fungurume project produced 158,000 tonnes of copper in 2012 and nearly 12,000 tonnes of cobalt.
"Little by little, within the next three months, we need to no longer export concentrates," Kabwelulu told Reuters by text message on Wednesday.