The changes to the mining code in Congo, which supplies some 60 percent of the world's cobalt, could have repercussions for consumers around the world.
Congo Mining News
The world’s biggest producer of cobalt has agreed to sell around a third of its cobalt production over the next three years to the Chinese battery recycler.
The blended company will have projects in Ontario and Idaho which, once in operations, could be major cobalt suppliers for EVs makers and high tech firms.
Samsung C&T has approached Somika SPRL to buy cobalt produced at its Kisanfu mine in Congo after only buying copper from the company for the past four years.
There's a strange thing about the fear going through the global mining industry after theCongo signed an order to lift royalties last week: Compared with most other countries, these levies are still relatively low.
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.
The announcement followed a nearly six-hour meeting on Wednesday between Kabila and mining executives in Kinshasa about the new code, which will raise taxes and remove a stability clause.
ERG revives efforts to sell its Frontier copper mine in the DRC despite a drop in valuation to about $400 million, two banking sources said.
Price is a sticking point as Glencore and other major producers are now able to exert more influence in negotiations, sources said.
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.
Freeport is looking at other options for the asset, including possibly a joint venture to develop the large cobalt project.
A 20-year friendship that helped turn Dan Gertler into a billionaire has left the Israeli businessman with a lot fewer places to go.
Electronics and car makers are racing to lock in supply agreements for cobalt amid fears of shortage.
The Swiss miner and commodities trader Glencore said its solid finances will let it to pursue more acquisitions if opportunities arise.
The President has 15 days from the time parliament sends him the bill to either sign it into law or return it to parliament for further deliberation. If he takes no action, the bill automatically becomes law.
The DRC's attempts to extract more from cobalt will unleash a wave of unintended consequences, none of which will be positive for the government in Kinshasa.
Artisanal and Small-Scale Mining (ASM) has become a major of revenue for millions of people in about 80 countries worldwide, with more than 100 million people currently depending on the activity for their livelihoods. But at what costs?
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.
Randgold boosted divvy to $2 a share, after a year of record production and soaring profits, but warned the good times may be over soon as it’s now facing demanding new regulations in Congo, one of its key jurisdictions.
DRC stuns miners with immediate lifting of 10-year exemption for licensees, 50% tax on 'super-profits' and code permitting 5-fold increase in cobalt royalty.
Vancouver-based company headed by billionaire mining financier Robert Friedland loses 11% of its value after DRC stuns with new mining code.
Mine is on track to produce its target of 700,000 ounces of gold in 2018.
Firm is developing open platform that traces diamonds from mine to buyer.
The nation, responsible for about two thirds of global output, plans to increase tax on cobalt to 5% from 2%.
“We’ve been intensively focusing on how to manage future cobalt supply for a year now. Before, it wasn’t clear just how quickly demand will accelerate.”