DRC Weighs Cobalt Export Ban Extension as Global Supply Surges

(3 Minutes Read)

 The DRC government suspended metal exports in February to address a global oversupply and stabilise the market. According to government spokesperson Patrick Muyaya, the Democratic Republic of Congo may extend its four-month cobalt export ban, initiated in February due to a significant decline in cobalt prices.

As the world’s leading cobalt producer, Congo halted exports to manage the market better. The country also plans to set export quotas for cobalt and collaborate with Indonesia, another major producer, to regulate pricing and supply. After a cabinet meeting, Muyaya noted that cobalt prices had increased by more than 50% since the export suspension.

He referenced President Felix Tshisekedi’s statement, emphasizing the need to maintain the ban, with an assessment planned at the end of the four months to determine whether to extend the ban or implement new strategies for market stability.

Read Also;

https://trendsnafrica.com/cobalt-prices-soar-as-drc-ban-exports-of-battery-materials/

The DRC is the dominant player in global cobalt production, estimated to account for just over 80% of global output, followed by Indonesia at 6.7%. While still far behind the DRC, production from Indonesia’s cobalt mines has surged over the past decade, jumping from 1.3kt in 2015 to 20.4kt in 2024. The country has surpassed its competitor Russia to become the second-largest cobalt producer globally.