China Molybdenum Mining News

Glencore, China Moly face higher cobalt royalty taxes in Congo

The Democratic Republic of Congo will declare cobalt a strategic metal, imposing a 10 percent royalty tax on producers.

Congo will declare cobalt and other minerals as "strategic" in coming days – mines minister

The government considers minerals with the "strategic" designation important for the economic, social and industrial future of the country.

DRC miners form new body to fight mining code

The Mining Promotion Initiative's main goal is to engage the government on industry concerns about the country’s new mining code.

US-China trade spat wipes $57B from top mining stocks in fortnight

Copper, iron ore prices drop, mining majors punished as US threatens more tariffs on "predatory" Chinese imports and Beijing calls it "blackmail".

Trump trade war blows up big week for mining majors

A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.

China's CITIC grabs stake in Ivanhoe Mines for $560 million

CITIC Metal will own 20% of the Canadian miner, which makes its biggest shareholder.

DRC miners hopeful new code issues can be resolved

They said they expected authorities to realize the sliding scale they propose would be a more effective mechanism for the government to share in higher commodity prices than the windfall tax and strategic minerals scheme included in the new code.

CMOC Intl CEO Madhavpeddi leaves mining giant

The parent group's Executive Chairman Chaochun Li has replaced him as acting CEO.

Miners ask Congo to introduce sliding royalty scale

The proposal, signed by companies responsible for 85% of the DRC's copper, cobalt and gold output, suggest that sliding royalties will give the government a higher share of revenues.

Cobalt to be declared a strategic mineral in Congo

Royalties paid to the government from cobalt and coltan mining will jump to 10 per cent from 2 per cent.

Cobalt consumers main victims of Congo’s new mining code — analysts

A new mining code in the cobalt-rich Congo will lead to higher costs for consumers of the battery metal at a time automakers are expanding production of electric vehicles, experts say.

Congo's Kabila meeting with mining companies postponed

Democratic Republic of Congo President Joseph Kabila's plan to discuss proposed changes to mining royalties with mining company representatives on Tuesday has been postponed by a day.

Ivanhoe boss said he’d pay higher taxes in Congo if it benefits locals

Robert Friedland, founder and executive chairman of Ivanhoe Mines, said he would be happy to pay higher taxes if there is stability in Congo's rules and transparency in the accounting of those royalties.

Congo’s Gecamines to rework contracts with foreign partners

Some of the company’s international mining partners include major names such as Glencore, China Molybdenum and Ivanhoe.

Electric cars market threatened by potential cobalt tax hike in Congo

The nation, responsible for about two thirds of global output, plans to increase tax on cobalt to 5% from 2%.

Congo’s Gécamines urges Gov’t to revise 16-year-old mining code

The World Bank-supported mining legislation was introduced to attract investment into copper and cobalt projects from global miners including Glencore Plc, Freeport-McMoRan Inc. and China Molybdenum Co. Gécamines claims country has not benefited from it.