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| President of Rwanda, Joseph Kabila (photo credit: CAJ News Africa) |
Congo is heading for a stand-off with some of the
world largest mining companies after legislators passed a revised mining law to
increase taxes on cobalt, an important metal for electric vehicles batteries.
Under the amended legislation, royalties for cobalt could rise from 2 per cent
to 10 per cent just as global car makers look to secure supplies of the metal to
meet ambitious targets for production of electric vehicles. The law also sets
higher tax rates for copper and gold in the resource-rich country. The chief
executives of Glencore and Rangold, have both traveled to DRC to oppose the
new law, which still has to be signed by President Joseph Kabila.
world largest mining companies after legislators passed a revised mining law to
increase taxes on cobalt, an important metal for electric vehicles batteries.
Under the amended legislation, royalties for cobalt could rise from 2 per cent
to 10 per cent just as global car makers look to secure supplies of the metal to
meet ambitious targets for production of electric vehicles. The law also sets
higher tax rates for copper and gold in the resource-rich country. The chief
executives of Glencore and Rangold, have both traveled to DRC to oppose the
new law, which still has to be signed by President Joseph Kabila.
