According to local media in the DRC on July 10, the country’s General Directorate of Taxes (DGI) sealed the offices and some facilities of Kamoto Copper Company (KCC) in Kolwezi, Lualaba Province, on July 9. The DGI stated that KCC is involved in a tax arrears case amounting to nearly $3 billion. The sealing action led to the evacuation of some personnel and a temporary halt to copper and cobalt production activities at the relevant sites. The extent and duration of the sealing, as well as its actual impact on the mine and smelting systems, remain to be further confirmed. Local media, citing sources close to the matter, reported that the tax authority and relevant companies under Glencore had been in negotiations over the dispute for nearly 12 months. The DGI allegedly questioned the relevant enterprises for understating transfer prices in mineral export transactions and transferring some value to overseas affiliates. Glencore denied the tax authority’s assessment, calling the claims “utterly baseless.” Therefore, the approximately $3 billion is still the amount sought by the DRC tax authority and has not yet been finalized as a judicial ruling. Public information shows that KCC is a large copper-cobalt project controlled by Glencore, with its main products including copper cathode and cobalt hydroxide. According to SMM, KCC’s copper cathode production has been around 190,000 mt in each of the past two years. If the sealing measures continue and materially affect production or product shipments, it is expected to cause periodic disruptions to copper and cobalt supply from the DRC. Going forward, close attention should be paid to the progress of KCC’s operational recovery and the resolution of the tax dispute.

News Release, July 9, 2026，China’s high-carbon ferrochrome prices saw distinct phased volatility in H1 2026. After surging to a high of RMB 8,650 per 50-base-tonne in Q1, prices gradually retreated to RMB 8,100 per 50-base-tonne in Q2, driven primarily by supply-demand mismatch.

A senior official from the Democratic Republic of Congo's Ministry of Mines said that although the conflict in the Middle East had previously disrupted sulfuric acid supply chains and raised concerns over copper and cobalt production, no significant impact on the country's overall copper and cobalt output has been observed so far. Copper and cobalt production is therefore expected to remain broadly stable throughout 2026. Earlier, the conflict between the United States and Iran disrupted supplies of sulfuric acid, a key reagent used in copper and cobalt production. At the same time, Zambia, a major supplier of sulfuric acid to the DRC, restricted exports to prioritize domestic demand, prompting some Congolese mining companies to assess the possibility of production cuts. Official data showed that the DRC exported 823,887 tonnes of copper in the first quarter of 2026, up 4.8% year-on-year. Exports of cobalt hydroxide reached 51,940 tonnes (equivalent to approximately 17,054 tonnes of contained cobalt), an increase of 24.5% from a year earlier. Gold exports totalled 6.3 tonnes, valued at US$732 million, highlighting the continued strength of the country's mining exports. During the first quarter of 2026, **CMOC** remained the DRC's largest mineral exporter, while **Glencore** was also a major contributor to the country's copper and cobalt exports. The Ministry of Mines expects copper demand to remain robust and mining operations to stay stable in the coming months. In addition, most mining companies have secured long-term contracts for chemical supplies, maintain strategic inventories, or source chemicals from regional suppliers, limiting the risk of widespread production cuts. However, if supply chain disruptions persist, miners may still face higher production costs and longer lead times for the delivery of key chemicals.

South Africa's global chrome ore exports eased marginally in May 2026 to 2.43 million mt, down 1.82% month-on-month from 2.47 million mt in April, but still 43.08% higher than a year earlier. High-carbon ferrochrome (HC FeCr) exports moved in the opposite direction, rising 5.66% MoM to 123,795 mt, though volumes remained 48.76% below May 2025.

According to an industry letter seen by Reuters, exporters have been unable to submit export declarations through the customs platform since July 1 because ARECOMS, the Democratic Republic of Congo's strategic minerals regulator, has not formally notified customs to continue processing export quotas. As a result, major producers including CMOC Group, Glencore, Eurasian Resources Group (ERG) and Huayou Cobalt have been unable to complete export procedures. Meanwhile, ARECOMS requires companies to utilize their first-half export quotas by July 5, after which any unused volumes will be withdrawn and reallocated. Industry sources estimate that around 60%–75% of companies are unlikely to meet the deadline due to administrative delays. If the issue is not resolved promptly, up to 20,000 tonnes of cobalt exports, worth approximately US$1.1 billion at current prices, could be affected. CMOC alone could lose almost all of its second-quarter export quota. SMM will continue to monitor developments.

The Canadian federal government is considering granting national interest status to the Mackenzie Valley Highway and the Grays Bay Road and Port Project (GBRP), two major infrastructure developments aimed at improving access to mineral-rich regions in Nunavut and the Northwest Territories. The Mackenzie Valley Highway would extend approximately 800 km north from Wrigley to Inuvik, while the GBRP includes a deepwater port, airstrip and a 230-km all-season road connecting Nunavut and the Northwest Territories. Canadian officials said the projects could significantly improve transportation infrastructure, reduce logistics costs, and facilitate the development of zinc, copper, silver and other base metal deposits in the Far North. Companies that could benefit include Glencore, MMG and West Kitikmeot Resources. If approved, the projects would become among the first to receive consideration under Canada’s Building Canada Act, potentially accelerating permitting and regulatory approvals through the Major Projects Office.