Kamoto – during which the Swiss commodity large holds a 75% curiosity – is among the largest mines in Congo, exporting 200,000 tons of copper and 16,000 tons of cobalt in 2023, based on authorities information. Manufacturing of copper and cobalt on the mine has been unaffected by the dispute, the individuals mentioned.
It produced 89,000 tons of copper and 11,700 tons of cobalt within the first half of the yr. Glencore additionally operates a second copper-cobalt challenge in Congo.
A spokesperson for the finance ministry, which oversees DGRAD, mentioned the federal government is reviewing Kamoto’s accounts as it really works to “make clear the scenario” in a approach that preserves “each the enterprise local weather and the pursuits of the state.” The ministry supplied no further info.
A Glencore spokesperson declined to touch upon the dispute. Kamoto’s whole tax and royalty funds in Congo between 2021 and 2023 had been $2.3 billion, based on info revealed by the corporate.
Brokers from the tax company visited the Kamoto warehouse within the mining hub of Kolwezi on Tuesday to shut it off however the facility was unsealed the next day and operations returned to regular, the individuals mentioned. The tax physique opted to limit financial institution accounts and seize property after discussions between the 2 sides didn’t result in a decision, they added.
Congo – whose copper exports have greater than tripled since 2015 – lately overtook Peru to turn into the world’s second-largest producer of the steel that’s key to the green-energy transition. The nation can also be by far the most important supply of cobalt, accounting for about three-quarters of whole world output final yr.
(By William Clowes, Michael J. Kavanagh and Thomas Biesheuvel)