Congo’s mining regulator announced Saturday it will maintain restrictions on cobalt shipments for another three months as the African nation attempts to stabilize prices for the critical battery component.
The extension pushes the export halt through September. Congo supplies roughly three-quarters of the world’s cobalt, a key ingredient in electric vehicle batteries.
The ban began in February when cobalt traded at $10 per pound, marking a nine-year price low. Since then, values have climbed nearly 60% while cobalt hydroxide has seen prices double.
Sponsored · Selkirk Copper Mines
Read: Congo Halts Cobalt Exports as Prices Hit 21-Year Low
“The decision has been taken to extend the temporary suspension due to the continued high level of stock on the market,” the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets said in a statement.
Companies mining in Congo remain at odds over the ban. While Glencore backs quota proposals, China’s CMOC Group — which runs two major Congolese mines and ranks as the world’s largest cobalt producer — has pushed for lifting the restrictions.
ARECOMS will decide by September whether to continue, modify, or end the export halt.
Felix Tshisekedi’s government seeks greater influence over cobalt markets and is exploring permanent quotas alongside efforts to boost domestic mineral processing.
Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
