The Democratic Republic of Congo, the world’s leading cobalt producer, might extend its current four-month export ban on the crucial metal.
Government spokesperson Patrick Muyaya announced this potential move on Friday, citing the need to further stabilize the global market.
The initial export halt was implemented in February to address a significant oversupply and subsequent sharp decline in cobalt prices.
Muyaya revealed that since the export suspension, cobalt prices have experienced a substantial recovery, increasing by over 50%.
The Central African nation is also contemplating the implementation of export quotas for cobalt in the future.
Furthermore, Congo intends to collaborate with Indonesia, another significant cobalt producer, to jointly manage pricing and regulate global supply.
President Felix Tshisekedi emphasized the necessity of potentially maintaining the current export ban to ensure continued market stability.
Muyaya stated that a thorough evaluation will be conducted at the end of the initial four-month period.
This assessment will determine whether to prolong the export ban or to introduce alternative measures aimed at preserving market equilibrium for the critical mineral.