Congo’s Cobalt Tax Hike Threatens EV Market

The Democratic Republic of Congo may soon more than double the tax mining companies operating in the country pay on exports of cobalt, a key component in the lithium-ion batteries that power electric cars and mobile phones. The African nation, responsible for about two thirds of global cobalt output, has been evaluating the measure since last month, when a major revision to the 2002 Mining Code was passed by the parliament’s lower house. If also approved by the Senate, the new law will qualify cobalt as a “strategic commodity”…

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