Report: DRC mulls more than doubling cobalt royalties

Democratic Republic of the Congo plans to more than double the royalties it levies on cobalt as the country sees the key ingredient in lithium-ion batteries as strategic mineral, according to a Bloomberg report.

The country’s cobalt reserves account for two thirds of global volumes.

Its minister of mines Martin Kabwelulu said that a proposal subject to parliamentary approvals looks to increase the royalties for cobalt to 5%, from 2%.

Other metals include copper may see the royalties go up to 3.5%, according to the report. 

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