December 3, 2018 / 4:30 PM / 11 days ago

Congo declares cobalt "strategic", nearly tripling royalty rate

KINSHASA, Dec 3 (Reuters) - Democratic Republic of Congo has declared cobalt a “strategic” substance, its mines minster said on Monday, nearly tripling the royalty rate miners will pay on the key electric battery component to 10 percent.

Mines Minister Martin Kabwelulu said Prime Minister Bruno Tshibala signed a decree on Nov. 27 under a provision in Congo’s new mining code, which was adopted earlier this year despite fierce opposition from leading investors like Glencore and China Molybdenum. (Reporting By Stanis Bujakera; Writing by Aaron Ross; Editing by Adrian Croft)

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