The Democratic Republic of Congo is considering extending its cobalt export ban after a sharp rebound in prices, aiming to stabilize the market and drive more value-added processing at home.
President Félix Tshisekedi said during a cabinet meeting on March 21 that the government is reviewing whether to maintain the four-month ban, initially introduced in February, to support “market balance and sustainable industrialization.” He added that the country ultimately wants full control over its cobalt value chain.
Cobalt, a key metal used in EV batteries, had seen prices plummet due to global oversupply and slowing demand. The situation worsened after Chinese mining firm CMOC ramped up production at two major sites in Congo, pushing prices down further.
To counter the drop, Congo imposed a full export ban starting February 22. Since then, prices have surged more than 50%. Market data from Fastmarkets shows cobalt rebounded from under $10 per pound on February 21 to $16.10 as of March 24.
The government plans to evaluate the policy’s impact by late May. Among the options on the table: extending the ban or introducing export quotas to better manage supply and pricing.
Prime Minister Judith Suminwa Tuluka said a quota system is under consideration following the initial ban. She noted that Congo is working with Indonesia, the world’s second-largest cobalt producer, to help balance global supply and stabilize prices.
Congo supplies about 75% of the world’s cobalt. Global companies like CMOC, Eurasian Resources Group, and Glencore operate major cobalt mines in the country.
