The Democratic Republic of Congo (DRC), a leading global cobalt producer, has announced a temporary four-month suspension of its cobalt exports, effective February 22, 2025.
The decision, issued by the Strategic Mineral Substances Market Regulatory and Control Authority (ARECOMS), aims to address the current cobalt price slump, which has seen prices dip to approximately $20,000 per tonne, a significant drop from the $90,000 peak in 2018.
This measure applies to all mining operations, including industrial, semi-industrial, and artisanal activities.
A reassessment is scheduled within three months to determine whether to extend or lift the suspension.
With nearly 75% of global cobalt production originating in the DRC, the country hopes this initiative will drive a market price recovery.
Simultaneously, the government is focusing on increased local mineral processing and imposing stricter traceability rules to curb the export of uncertified, artisanal cobalt.
This suspension could potentially reshape the global market, benefiting other producers like Indonesia and impacting the battery and electric vehicle industries, which heavily rely on Congolese cobalt.
TE/lb/gik/APA