Zijin Mining's latest response: The relevant copper mines it owns do not fall under the products prohibited for export by Congo.

There are market reports indicating that the Democratic Republic of the Congo has issued a new administrative order to completely ban the export of copper concentrate and cobalt concentrate. In response, on August 7, Zijin Mining stated to reporters that the products from its Kolwezi copper mine are crude copper and electrolytic copper, while the products from the Kamoa-Kakula copper mine are anode plates and crude copper, which do not fall under the categories banned by Congo. Prior to this, a relevant person from Ha Rui Cobalt Industry mentioned that the Congo had already tightened concentrate exports earlier, and this matter would not affect the company. "The copper products from our operations in the Congo are electrolytic copper, which is in strong demand, and we have achieved processing and sales locally. If the relevant ban stimulates an increase in copper prices, it will positively impact the selling prices of our products. Cobalt products are initially processed into cobalt hydroxide and other cobalt intermediates before being transported back to the domestic market," the official stated. A representative from Luoyang Mining also publicly stated on social media that the products from the company's two mines in the Congo, TFM and KFM, are cathode copper and cobalt hydroxide, with no concentrates involved. In addition, Luoyang Mining's website shows that the cobalt products primarily sold to the international market are cobalt hydroxide.