The Democratic Republic of Congo (DRC), the world’s leading cobalt supplier, has announced a three-month extension to its export ban on the metal, which is a key component in electric vehicle batteries.
The Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS) confirmed the decision on Saturday, citing persistent market oversupply, according to a report by Reuters.
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The ban was initially imposed in February for a four-month period after cobalt prices dropped to a nine-year low of $10 per pound (lb).
ARECOMS stated that the high level of stock still present in the market necessitated the extension of the temporary suspension.
The agency has indicated that before the conclusion of the new three-month period in September, it will make a further announcement on whether to modify, extend, or terminate the suspension.
Congolese authorities are currently evaluating the implementation of quotas for cobalt shipments among mining companies.
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By GlobalDataAccording to the report, Glencore, the world’s second-largest cobalt producer, supports the proposal for quotas.
However, this stance contrasts with that of CMOC Group, the leading cobalt producer, which is advocating for the ban to be lifted.
In related news, a coltan mine collapse in the town of Rubaya in DRC’s North Kivu province has claimed the lives of at least 12 people, according to a separate Reuters report, citing sources.
The report stated that several people managed to escape the artisanal mine when it collapsed on Thursday, although the cause has yet to be determined.
Rubaya’s small artisanal mines contribute approximately one-sixth of the global supply of coltan, an essential metallic ore for the manufacture of smartphones and other electronic devices.
Since mid-2024, the M23 rebels have controlled the area, imposing a 15% tax on coltan production, as confirmed by rebel officials.
