Congo is set to ratify a new mining code over the objections of big resource companies, allowing the country to make more money from its natural riches but also potentially making smartphones and electric cars more expensive.

The expected announcement Friday would scrap protections for mining companies and add new higher taxes and royalties for cobalt, a key material for making lithium-ion batteries for electric vehicles. The Democratic Republic of Congo has more than 60% of the world’s known cobalt reserves.

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