Glencore-owned copper mine Kamoto Copper Co (KCC) is entangled in a row over royalties with tax authorities in the Democratic Republic of Congo (DRC).
Bloomberg quoted unnamed sources as saying that the government entity – known by its French acronym DGRAD – said that KCC owes the Congolese state just above €800 million ($894 million).
The tax collection staff temporarily barricaded a warehouse where the company was storing metal. However, the sources said production of copper and cobalt at the mine was unaffected by the dispute.
The tax body elected to restrict bank accounts and seize property after discussions between the two sides failed to resolve the impasse.
KCC, which is 75%-owned by Glencore is one of the largest mines in DRC, exporting 200 000 tonnes of copper and 16 000 tonnes of cobalt in 2023.
It also produced 89 000 tonnes of copper and 11 700 tonnes of cobalt in the first half of the year.
KCC’s total tax and royalty payments in DRC between 2021 and 2023 were $2.3 billion.
DRC is the world’s second-largest copper producer.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
