The Democratic Republic of Congo has extended its suspension on cobalt exports for an additional three months as part of efforts to address persistent oversupply and stabilize prices in the global market, a national regulatory body confirmed on Saturday.
The ban, originally introduced in February for a four-month period, was intended to curb a sharp decline in cobalt prices, which had dropped to a nine-year low of \$10 per pound. The measure was due to expire on Sunday but has now been prolonged due to continued high stock levels of the metal.
In a statement, the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS) said the decision was made in response to the ongoing market surplus. The agency noted that a further announcement will be made before the end of the new suspension period in September, indicating whether the ban will be adjusted, extended again, or lifted entirely.
Authorities are also examining the possibility of introducing export quotas for mining companies, as a way to regulate cobalt flow and prevent future price crashes. This proposal has gained traction among several mining firms operating in the DRC, including a major international producer that supports the quota system.
However, the approach has not found consensus. The largest cobalt-producing company, based in China, has expressed opposition to the export suspension and is pushing for an immediate end to the ban.
As the world’s top cobalt producer, the DRC plays a central role in the global supply of this critical mineral, which is essential for electric vehicle batteries and a wide range of electronic devices. The government’s ongoing decisions around export controls and production limits are likely to have a significant impact on international markets and the electric mobility sector.