Congo tax raid hits Glencore copper unit

CONGOLESE tax authorities sealed the offices of Kamoto Copper Company, a Glencore-owned mining firm, in a deepening dispute over payments the state says it is owed, Bloomberg News reported.Citing people familiar with the matter, Bloomberg said the DGI tax agency shut the Kolwezi offices on Thursday last week. This was after settlement talks failed to resolve the dispute. Production at Kamoto’s mines and processing plants has not been affected, said the newswire.The tax authority claims Glencore’s Congolese unit owes billions of dollars. A Glencore spokesperson said the group disputes the DGI’s claims. It remains in discussions with the authorities, Glencore said.Congo ranks as the world’s second-largest copper producer and the top source of cobalt, with Kamoto among its biggest producers of both metals. Copper prices climbed more than 40% last year and have continued rising in 2026, driven by demand tied to artificial intelligence and the clean energy transition.Glencore owns 70% of Kamoto, which produced roughly 190,000 tons of copper last year against a target of 300,000 tons annually.Orion CMC, backed by the US International Development Finance Corp., agreed in February to buy 40% of Glencore’s stake in Kamoto and another Congolese mine, a deal still awaiting completion. Congo’s government and a state firm hold the remaining 30%.The post Congo tax raid hits Glencore copper unit appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com