The Democratic Republic of Congo (DRC) may impose stricter limitations on cobalt exports when its current four-month export ban concludes, according to a senior government official.
Congo, the world’s top cobalt producer, implemented the ban in February to address a slump in cobalt prices, a critical metal used in electric vehicle and smartphone batteries. Patrick Luabeya, head of the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets, revealed in a speech at a conference in Singapore that the government is considering additional export restrictions due to ongoing high stockpiles of cobalt both within the country and internationally.
“While stockpiles have been reduced, they have not yet been fully depleted,” Luabeya said. “As a result, the next phase will likely involve further export limits until market equilibrium between supply and demand is achieved.”
The government agency plans to consult with industry stakeholders in June before making any final decisions. The discussions will include major players such as mining companies Glencore, ERG, and CMOC, Luabeya confirmed.
Congo’s Mines Minister Kizito Pakabomba previously stated that the government is reviewing the export ban, although no specific details have been provided. In March, the country’s prime minister indicated that, following the ban, Congo is considering imposing export quotas on cobalt. The government is also exploring a potential partnership with Indonesia, another significant cobalt producer, to better manage global supply and stabilize pricing.
The four-month export ban, which began in February, was introduced to counteract an oversupply of cobalt on the international market.