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Delayed Quote. Delayed  - 08/15 01:10:15 am
1194.1 USD   +0.12%
12:50aJOHN PAULSON : filing
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08/14GOLD FIELDS : to Cut Jobs at South Africa Mine; Impairment to Drive ..
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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. (david.hodari@wsj.com; @davidhodari)

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE -0.78% 316.4 Delayed Quote.-18.23%
GOLD 0.12% 1194.1 Delayed Quote.-6.93%
LME COPPER CASH -0.64% 6081 End-of-day quote.-15.32%
RANDGOLD & EXPLORATION COMPANY LTD 0.00% 1.25 End-of-day quote.-3.85%
RANDGOLD RESOURCES -1.34% 5302 Delayed Quote.-27.48%
SILVER 0.43% 15.043 Delayed Quote.-9.47%
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