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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