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.
GECAMINES Mining News
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.
Some of the company’s international mining partners include major names such as Glencore, China Molybdenum and Ivanhoe.
The nation, responsible for about two thirds of global output, plans to increase tax on cobalt to 5% from 2%.
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.
Gecamines copper output has plunged since 1980s and it has failed to internally register $740 million in income between 2011-2014, much of which is now untraceable, the Carter Center said in a report on Friday.
Gecamines wants to sell 20% stake in Kamoto Copper.
The 100 ha Shituru property is located one kilometer east of the Gecamines hydrometallurgical complex on the eastern limits of the City of Likasi in the province of Katanga, in the Democratic Republic of Congo. […]