The world’s top cobalt-producing country could more than double an export tax on the metal as demand and prices continue to climb.
A proposed revision to the Democratic Republic of Congo’s (DRC) mining code could classify cobalt as a “strategic substance,” resulting in a tax hike, according to Mines Minister Martin Kabwelulu.
Under the country’s current mining code, cobalt is classified as a base metal, alongside copper. If the proposed revision goes through, the royalty on base metals will climb 1.5 percent, rising from 2 percent to 3.5 percent.
A proposed revision to the Democratic Republic of Congo’s (DRC) mining code could classify cobalt as a “strategic substance,” resulting in a tax hike, according to Mines Minister Martin Kabwelulu.
Under the country’s current mining code, cobalt is classified as a base metal, alongside copper. If the proposed revision goes through, the royalty on base metals will climb 1.5 percent, rising from 2 percent to 3.5 percent.
Source : Investing News LINK
Cobalt (Co) is a metal used in numerous diverse commercial, industrial, and military applications, many of which are strategic and critical. On a global basis, the leading use of cobalt is in rechargeable battery electrodes. Superalloys, which are used to make parts for gas turbine engines, are another major use for cobalt. Cobalt is also used to make airbags in automobiles; catalysts for the petroleum and chemical industries; cemented carbides (also called hardmetals) and diamond tools; corrosion- and wear-resistant alloys; drying agents for paints, varnishes, and inks; dyes and pigments; ground coats for porcelain enamels; high-speed steels; magnetic recording media; magnets; and steel-belted radial tires. (USGS Cobalt Yearbook 2017)
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