The Democratic Republic of Congo thinks about more than doubling the tax on cobalt supply, reports Bloomberg referring to a draft law that the country’s parliamentarians are currently discussing.
If the Republic’s senate approves the proposition, Congo could classify base metals such as cobalt as “strategic material” and thus tax it at a higher rate of 5 instead of currently 2 percent. Congo is the world’s biggest cobalt producer, covering two-thirds of global cobalt supply. Demand has surged in recent years because of increased global electric vehicle production.
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