The Democratic Republic of Congo (DRC), the world’s largest supplier of cobalt, has extended its export ban on the critical battery metal for an additional three months, citing persistent oversupply in global markets.
The announcement was made Saturday by the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS), which stated that high inventory levels continue to weigh on prices and market stability.
The export ban, initially imposed in February for four months after cobalt prices plunged to a nine-year low of $10 per pound, was set to expire this week.
ARECOMS emphasised that the extension is necessary to address the ongoing surplus and indicated that a further decision — whether to modify, extend, or terminate the suspension — will be made before the new deadline in September.
The DRC accounts for roughly 70 per cent of global cobalt production, making its policy decisions highly influential in the electric vehicle (EV) battery supply chain.
Since the start of the export restrictions, cobalt prices have rebounded significantly, with futures on China’s Wuxi Stainless Steel Exchange surging over 9 per cent following the latest extension.
Prices have climbed approximately 45 per cent since February, reaching $30,200 per tonne on the London Metal Exchange.
Congolese authorities are also considering the implementation of export quotas for mining companies as a potential alternative to the ban.
This proposal has received support from Glencore, the world’s second-largest cobalt producer, but is opposed by CMOC Group, the leading producer, which is advocating for an immediate lifting of the ban.
In a separate development, a coltan mine collapse in Rubaya, North Kivu province, claimed at least 12 lives last Thursday.
The artisanal mine, part of a sector that supplies about one-sixth of the world’s coltan — another key mineral for electronics — collapsed under still-uncertain circumstances.
Several miners managed to escape, but the incident underscores ongoing safety and regulatory challenges in the region.
Since mid-2024, the area has been under the control of M23 rebels, who have imposed a 15 per cent tax on coltan production.
The DRC’s actions on cobalt and coltan exports are being closely watched by global technology and automotive industries, given their critical roles in the production of electric vehicles and consumer electronics.
The coming months will be pivotal as authorities weigh market conditions and industry feedback before making further decisions on export restrictions.
