![]() ![]() ![]() The arguments were still playing out at the Mining Indaba conference in Cape Town earlier this month.Ĭongo signed its new mining code into law in June last year.Ĭopper royalties were raised from 2.0 to 3.5 percent and those on gold from 2.5 to 3.5 percent. The current supply turbulence, however, promises more volatility ahead for cobalt as well as copper. The news sparked a rally in the copper market underlining just how important these two African countries have become to the global supply picture.Ĭobalt barely reacted because last year’s “hot” metal is still digesting the production glut that followed the 2017 price surge. One Zambian copper smelter has closed, another has reduced operations and Glencore last week confirmed media reports it will be cutting production at its Mutanda mine in the Congo. ![]() ![]() Right now, however, the push for a greater share of the wealth lying beneath the African Copperbelt is causing supply-chain disruption for both copper and cobalt. REUTERS/Rogan Wardīoth African countries have driven through draconian changes to their mineral tax regimes, overcoming the entrenched opposition of some of the world’s biggest mining houses.īoth are betting that the world’s need for their resources, particularly copper and cobalt, will keep the tax receipts flowing. File photo: A truck exits the mine after collecting ore from 516 metres below the surface at the Chibuluma copper mine in the Zambian copperbelt region. ![]()
0 Comments
Leave a Reply. |