DRC concentrate export ban could put more pressure on global copper, cobalt supply

The Democratic Republic of Congo (DRC) — the world’s leading producer of cobalt and Africa’s biggest copper producer — has made good on a longstanding threat to ban cobalt and copper concentrate exports.

In 2013, the DRC banned concentrate exports  to encourage miners to process and refine ore in the country, but insufficient smelting capacity forced it to repeatedly issue ‘waivers’.

However, threat of its future enforcement has been maintained.

In 2019, the government implemented the concentrate ban for just one month before lifting it, saying the waiver would be reviewed every six months.

Its looks like those waivers have not been extended.

Fastmarkets confirmed with three companies operating copper and cobalt mines in DRC that they all received a notice banning concentrate exports.

At present, the trucks carrying copper and cobalt concentrate could still pass through the border, and the effective date of the order is not mentioned, sources told Fastmarkets.

Recent concerns around global copper supply – which could be further hampered by today’s ban, if enforced – have pushed the price up to $US10,032.65/t, close to all-time highs.

Pic: Copper prices over the past 10 years.

 

Here’s how ASX-listed copper-facing stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop

CODECOMPANY 1 DAY RETURN %1 WEEK RETURN %6 MONTH RETURN %1 YEAR RETURN %PRICE MARKET CAP
ALYAlchemy Resources2766390.019 $ 10,083,651.80
TARTaruga Minerals11271107080.105 $ 48,020,268.07
IVRInvestigator Res1020935880.11 $ 132,394,660.70
LEXLefroy Exploration10425155301.26 $ 138,011,117.05
GEDGolden Deeps920-201000.012 $ 8,523,365.84
MEPMinotaur Exploration90-311610.12 $ 55,147,306.28
HMXHammer Metals761843200.105 $ 79,051,946.86
CVVCaravel Minerals63350219000.5 $ 163,391,699.11
OAROAR Resources655-267500.017 $ 25,912,807.04
STMSunstone Metals60291570.018 $ 37,569,789.98
C6CCopper Mountain622037484.58 $ 72,599,577.18
OZLOZ Minerals515616525.42 $ 8,067,071,783.13
RVRRed River Resources52-172550.22 $ 108,732,617.07
CCZCastillo Copper50-41000.046 $ 44,851,708.31
AQDAusquest Limited41433850.024 $ 18,933,366.11
AQIAlicanto Min4-4-14460.12 $ 37,704,758.02
MLXMetals X Limited442011840.25 $ 217,743,856.08
IGOIGO Limited4460527.6 $ 5,528,055,034.90
HAVHavilah Resources4-5531740.26 $ 76,569,307.00
RIORio Tinto Limited412236124.61 $ 44,497,687,572.18
AMLAeon Metals .419-36-70.083 $ 54,205,578.16
AZSAzure Minerals411-702210.295 $ 87,804,430.49
AQXAlice Queen33-45-380.0155 $ 18,548,799.68
SFRSandfire Resources3-161547.16 $ 1,235,281,737.69
CYMCyprium Metals3-6411320.325 $ 172,799,302.41
BHPBHP Group Limited30244048.16 $ 137,865,845,239.20
ORNOrion Minerals33331250.036 $ 144,375,450.80
REERarex Limited34-30530.0905 $ 38,231,001.95
HCHHot Chili33-221530.038 $ 114,181,808.82
AOUAuroch Minerals3-7222000.195 $ 52,920,332.16
VXRVenturex Resources3-241010970.79 $ 327,337,659.88
BATBattery Minerals25-52230.021 $ 41,846,107.59
AZYAntipa Minerals20-2770.046 $ 139,332,543.21
RCPRedbank Copper2-5194000.095 $ 47,955,517.89
CNJConico2-3-222220.029 $ 25,403,960.67
HGOHillgrove Res2-7581040.062 $ 57,155,132.24
KGLKGL Resources1-31523370.7 $ 270,697,358.28
BYHBryah Resources11312480.077 $ 11,973,078.61
RXMRex Minerals Limited1-151754130.385 $ 160,481,949.60
SGQSt George Min1-2-35-190.081 $ 47,135,274.96
NWCNew World Resources1-9716380.096 $ 138,102,294.96
QMLQmines Limited0230.48 $ 22,120,207.68
TRNTorrens Mining040.14 $ 9,503,821.18
TTMTitan Minerals0-80460.115 $ 131,037,029.91
IPTImpact Minerals07-27140.016 $ 32,380,718.70
DEXDuke Exploration08140.415 $ 25,039,859.57
MBKMetal Bank000280.011 $ 13,029,591.34
CBYCanterbury Resources08-3390.097 $ 10,850,924.11
GMNGold Mountain00-7-260.04 $ 30,708,996.96
AUQAlara Resources00-17150.015 $ 10,581,438.59
ERMEmmerson Resources0114-300.08 $ 39,859,079.12
SRISipa Resources04-20120.057 $ 10,136,158.84
AKNAuking Mining00000.4 $ 1,865,279.60
ATMAneka Tambang00001 $ 1,303,649.00
MCBMCB Resources0-100-100-1000 $ 1,798,548.64
SVYStavely Minerals0-2-3440.59 $ 153,967,256.68
DGRDGR Global03-19100.062 $ 60,485,881.07
A1MAic Mines05-26-90.29 $ 19,927,355.22
AMGAusmex Mining Gp0726230.049 $ 27,160,493.17
CWXCarawine Resources0-60320.25 $ 27,222,475.50
PEXPeel Mining Limited013551420.34 $ 142,153,237.38
GRLGodolphin Resources0-11-31-110.17 $ 14,298,771.74
ENREncounter Resources04415440.195 $ 61,534,922.09
BOABoadicea Resources0-531580.3 $ 18,643,723.80
FNTFrontier Resources0-1317560.014 $ 6,847,427.13
NMLNavarre Minerals0-12-47-280.115 $ 62,817,847.37
TASTasman Resources03-10100.037 $ 24,832,633.84
SUHSouthern Hem Min013364790.043 $ 10,510,909.55
MAUMagnetic Resources0628231.475 $ 321,584,647.75
CAECannindah Resources0-61186630.061 $ 31,651,800.84
SCISilver City Minerals091001180.036 $ 19,928,811.71
CHKCohiba Min00-111000.016 $ 22,263,412.05
GTEGreat Western Exp.014-222030.16 $ 21,791,689.76
COYCoppermoly Limited000710.012 $ 25,526,567.87
DEVDevex Resources030222320.365 $ 103,168,651.60
AL8Alderan Resource00-3900.06 $ 17,876,465.52
KTAKrakatoa Resources-2-21-11540.054 $ 15,342,250.00
ARDArgent Minerals-2-2132000.051 $ 45,563,518.47
ANXAnax Metals-2-5372220.093 $ 33,267,469.55
TLMTalisman Mining-2-4881450.225 $ 42,924,528.55
ALKAlkane Resources-22-1310.88 $ 535,849,920.00
BOCBougainville Copper-2-91271760.635 $ 260,690,625.00
CHNChalice Mining-391197988.49 $ 3,019,044,384.27
SLZSultan Resources-3-35780.2575 $ 18,426,613.09
HLXHelix Resources-583203960.042 $ 55,198,920.35
EM2Eagle Mountain-5-142175671 $ 209,511,138.90
AISAeris Resources-5201434010.18 $ 364,693,064.58
PXXPolarx Limited-63-300.034 $ 24,187,640.18
RTGRTG Mining Inc.-60-61420.16 $ 108,714,261.18
KAUKaiser Reef-6-11-28-110.295 $ 30,494,631.51
ZNCZenith Minerals-7-101122080.265 $ 83,892,608.55
AREArgonaut Resources-11-633600.008 $ 26,215,843.04
CZNCorazon-126-24-340.038 $ 8,731,328.19
XAMXanadu Mines-17-1432140.05 $ 75,337,065.00

 

SMALL CAP COPPER STANDOUTS

TARUGA MINERALS (ASX:TAR)

A review of old VTEM data has identified a 7km-long anomaly corresponding with the high grade ‘Wyacca’ copper discovery at the Mt Craig project in South Australia.

Recent drill results from Wyacca included 5m at 2.4% copper from 17m, including 1m at 9.5% copper.

“This anomaly is open to the east beyond the survey limits, where likely extensions are also contained within Taruga’s Exploration Permit,” Targua chief exec Thomas Line said May 24.

“Here, the intensified anomaly becomes somewhat isolated, and we look forward to targeting this and other newly identified VTEM anomalies in the upcoming RC program.”

 

INVESTIGATOR RESOURCES (ASX:IVR)

Investigator’s main game is the Paris silver project, but it also has a joint venture over the Pernatty copper project in South Australia.

In April, JV partner DGO Gold (ASX:DGO) hit “Zambian style” copper mineralisation in maiden wide-spaced drilling.

Highlights included 1m @ 2% CuEq (0.82% copper, 0.1% cobalt, & 19.7g/t silver) from 75m.

Follow up drilling was to commence as soon as approvals were granted, DGO says.

 

LEFROY EXPLORATION (ASX:LEX)

Kalgoorlie explorer Lefroy has gained 480% since the ‘Burns’ copper-gold discovery was first made in February.

New drilling has now extended the mineralised porphyry zone to at least 100m below an impressive earlier strike of 8m at 7.63g/t of gold and 0.56 per cent copper from 134m.

It is the first news flow from an accelerated 14-hole, 3000m diamond drill program.

 

GOLDEN DEEPS (ASX:GED)

Drilling at the Nosib prospect in Namibia hit thick intervals of copper mineralisation in 13 of the 15 holes completed, the explorer said yesterday.

One hole intersected a 5m interval of semi-massive copper sulphides from only 10m downhole (8.6m below surface).

Copper mineralisation was discovered at Nosib in 1915, with mine access development work between 1917 to 1920.

Underground sampling conducted by Golden Deeps along the development drives pulled up impressive results like 6m at 9.3% copper, 4.72% lead, and 7.92g/t silver.

Current drilling is testing between the previously developed levels, targeting extensions to this high-grade copper-lead-silver-vanadium ore that was sampled.

The post DRC concentrate export ban could put more pressure on global copper, cobalt supply appeared first on Stockhead.

Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.

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