The Democratic Republic of the Congo has extended its temporary suspension of cobalt exports by three months.
The Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS) cited a persistent oversupply in the global market.
In a Saturday statement, ARECOMS explained the extension was due to the continued high stock levels worldwide.
The agency said it will review the market situation before the suspension ends and issue a new decision.
This decision could modify, prolong, or lift the export suspension depending on market conditions.
The original suspension began on February 22 and was initially set for four months.
It aimed to stabilize international cobalt prices and improve transparency in the mineral’s supply chain.
Additionally, the move sought to encourage domestic refining and value-added processing within the country.
The DR Congo is the world’s largest cobalt supplier, producing over 70% of global output.
Cobalt is a critical metal used in electric vehicle batteries and various high-tech industries.
This extension highlights the complex balance between resource management and global market demands.
As the cobalt market fluctuates, all eyes remain on the DR Congo’s next move regarding exports.