World's top cobalt producer, DRC, halts exports amid market turmoil
The Democratic Republic of Congo has extended its temporary suspension on cobalt exports by an additional three months to September.
The suspension aims to address the continued oversupply and low prices of cobalt in the global market.
Congo's significant influence on the global cobalt market remains central amidst these regulatory developments.
The move comes in response to the continued oversupply of cobalt from the Democratic Republic of Congo (DRC), a key material used in electric vehicle batteries.
The initial measure was introduced in February for a period of four months, following a sharp decline in cobalt prices. At the time, prices had dropped to a nine-year low of just $10 per pound. The original export ban was set to expire on Sunday, June 22.
The Authority for the Regulation and Control of Strategic Mineral Substances' Markets (ARECOMS), the agency in charge of overseeing the sector, confirmed the extension. In a statement released on Saturday, ARECOMS cited high stock levels as the reason for the decision.
' The decision has been taken to extend the temporary suspension due to the continued high level of stock on the market, ' ARECOMS stated.
ARECOMS said it expects to announce a further decision before the new three-month window closes in September. That announcement could modify, extend, or terminate the current export suspension.
Meanwhile, Congolese authorities are considering how to distribute cobalt export quotas among mining companies operating in the country. These discussions are ongoing and focus on allocation methods.
Glencore, CMOC take opposing stands on quota plan
The proposed quota system has drawn differing reactions. Glencore, the world's second-largest cobalt producer, supports the plan. In contrast, China's CMOC Group, the top global producer, has continued to lobby for the export ban to be lifted entirely.
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