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.

Democratic Republic of Congo will withdraw unused cobalt export rights under first-half quotas and reassign them to a state-controlled entity, its strategic minerals regulator said, tightening control over shipments from the world’s top producer. In a notice seen by Reuters on Monday, ARECOMS said all export quotas allocated for January to June that remain unused by June 30 will be forfeited and automatically reassigned to its “strategic quota.” ARECOMS said the reallocated quota volumes will support projects deemed of “national interest,” including efforts to boost local processing, increase value addition and protect the country’s economic interests. The regulator said forfeited quota volumes will be deducted from companies’ initial allocations and cannot be carried forward, effectively penalizing operators that fail to ship within deadlines. Congo’s mining chamber did not immediately respond to a request for comment. China’s CMOC and Glencore, the world’s largest and second-largest cobalt producers, operate in Congo alongside Eurasian Resources Group and China’s Huayou Cobalt, among others. In a further tightening of logistics rules, only cobalt shipments declared in the customs system by July 5 will qualify for export under first-half quotas. The measures take effect on July 1. ARECOMS also warned it could withdraw quotas entirely from companies that fail to export allocated volumes, transfer quotas to third parties, process third-party or artisanal material without authorization, or breach regulations.

Rio Tinto is reportedly in early-stage discussions with commodity trading giant Vitol regarding the formation of a freight and logistics joint venture. According to market sources, the talks include potential cooperation in freight management and freight risk management tools, although the structure and scope of any agreement have yet to be finalized. The discussions reflect Rio Tinto's ongoing efforts to strengthen supply chain efficiency and improve value creation across its commodity portfolio, including copper. The move follows the company's broader strategy of streamlining operations and enhancing commercial capabilities after ending acquisition talks with Glencore earlier this year.

Glencore Sudbury Integrated Nickel Operations (INO) mine rescue team won the overall champion title at Ontario Mine Rescue 2026 competition, which ended 12 June in Sudbury, beating seven other provincial teams. The mock-emergency scenario, staged at Magna Mining Podolsky Mine—a historical property under care and maintenance—simulated teenagers trespassing into an abandoned site, testing teams on oxygen-deficient air, opioid-overdose response with Narcan, rope rescue and a vehicle fire using a Compressed Air Foam System. This is a workplace-safety and community item with no nickel market or pricing relevance.

News, June 22, 2026: According to China Customs statistics, China’s total imports of high-carbon ferrochrome reached 131,000 tonnes in May 2026, falling 9.7% month-on-month and 15.62% year-on-year. Imports from South Africa stood at 10,000 tonnes, down 71.45% month-on-month and 37.18% year-on-year; Imports from Kazakhstan hit 84,700 tonnes, rising 10.18% month-on-month while slipping 13.87% year-on-year. From January to May 2026, China’s cumulative imports of high-carbon ferrochrome totalled 677,900 tonnes, a year-on-year drop of 45.5%. Cumulative imports from South Africa: 100,100 tonnes, plunging 83.0% year-on-year; Cumulative imports from Kazakhstan: 395,600 tonnes, edging down 9.9% year-on-year. South Africa's preferential electricity tariff of 0.62 rand per kWh has officially obtained approval from Nersa. Top ferrochrome producer Glencore-Merafe has withdrawn the clause involving 189 job cuts. Although South Africa's ferrochrome sector has entered full production resumption, output has not seen a notable jump, with monthly ferrochrome exports remaining at a relatively low range of 70,000–100,000 tonnes. Kazakhstan maintains steady production with limited fluctuations in its ferrochrome exports and supply volume. On the whole, China's ferrochrome imports will stay at a low and stable level in the short run.