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Delayed Quote. Delayed  - 05/21 08:31:38 pm
1290.95 USD   -0.00%
05/18METALS : Gold Closes Slightly Higher as Treasury Yields Fall
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DRC Cobalt Levy May Sting Glencore, Randgold -- Market Talk

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01/25/2018 | 02:29pm CEST

The Democratic Republic of Congo's new proposed mining code could hurt businesses, says SP Angel analyst John Meyer, but not too badly. The code proposes royalties of 3.5% on base metals and of 5% on strategic metals such as cobalt that will affect Glencore and Randgold but aren't disastrous given the high grades mined in the DRC. "Cost, aggravation [corruption] and security issues relating to working in the DRC are far more damaging to business than any royalty," Mr. Meyer says. Cobalt, a metal integral to electric-vehicle engines, has soared 280% in the 16 months to Jan. 11, according to Bloomberg. ([email protected]; @davidhodari)

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE 0.35% 381.7 Delayed Quote.-2.47%
LME COPPER CASH -0.80% 6783.5 End-of-day quote.-5.54%
RANDGOLD & EXPLORATION COMPANY LTD 0.00% 1.3 End-of-day quote.0.00%
RANDGOLD RESOURCES -0.79% 5768 Delayed Quote.-21.54%
SILVER -0.61% 16.338 Delayed Quote.-3.81%
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