Copper prices surge sharply, exacerbating the off-season drag, and operating rates and order intake continue to pull back [SMM Enamelled Wire Market Weekly]

The Democratic Republic of Congo will begin enforcing a long-delayed requirement for mining companies to offer local ownership stakes from July 31, according to foreign media reports. The decision comes despite concerns from major copper and cobalt producers regarding its potential operational and legal impact on the sector. The initiative stems from provisions in the country's 2018 Mining Code that mandate international mining operators transfer 10% of their equity to Congolese nationals, with 5% specifically designated for employees. To date, no major foreign mining operator has formally demonstrated compliance, citing unresolved questions regarding implementation and regulatory structures. According to foreign media reports, letters issued by Kinshasa instructed major international miners including Glencore, Ivanhoe Mines, CMOC, and Huayou Cobalt to submit proof of compliance by the end of July or face potential regulatory sanctions. The mines ministry reaffirmed this timeline following high-level discussions with mining executives regarding the final decree. Following the consultations, government officials and mining representatives agreed that the implementation decree will be signed after incorporating limited technical amendments. An ad hoc committee has been established to finalize these adjustments, which may include mechanisms such as interest-free loans or employee cooperatives to facilitate worker equity acquisition. The local equity mandate remains distinct from the state's existing 10% non-dilutable free-carry interest in mining assets. While specific sanctions for non-compliance after the July 31 deadline have not been publicly detailed, the enforcement push underscores broader regional efforts across the Central African Copperbelt to secure higher local value retention amid elevated global commodity demand.