Congo bans the export of copper and cobalt concentrates; Luoyang Molybdenum: the company produces cathode copper and cobalt hydroxide locally.

Recently, the Congolese government's directive to prohibit the export of copper and cobalt concentrate, signed at the end of June, has shaken the capital markets. In response, a spokesperson from Luoyang Molybdenum Industry released a statement on WeChat, stating that the company's products from its two major mines in Congo, TFM and KFM, are cathode copper and cobalt hydroxide, and do not include concentrates. An industry insider explained that Luoyang Molybdenum's local mines in Congo are integrated operations that encompass mining, selection, and metallurgy, utilizing an electrolysis process for refining, and the end products are indeed cathode copper; therefore, the ban has little effect on the company.