Latest news with #ARECOMS
Zawya
24-06-2025
- Business
- Zawya
Africa: DRC's cobalt export ban extended by three months
The Democratic Republic of Congo (DRC) has extended its ban on exports of cobalt -- intended to curb oversupply of the electric vehicle battery material -- by three months, a regulatory agency said on Saturday, 21 June 2025. The world's top cobalt supplier imposed a four-month suspension on exports in February after prices had hit a nine-year low at just $10 a pound. The ban was due to expire on Sunday, 22 June 2025. "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 (ARECOMS) said in a statement. ARECOMS said it expected to announce a subsequent decision to either modify, extend or terminate the suspension before the new three-month window closes in September. Reuters reported on Friday, 20 June 2025 that Congolese authorities were considering extending the ban as they explored how to distribute quotas for shipments of cobalt among mining companies. A proposal to implement quotas has backing from miners including Glencore, the world's second-largest cobalt-producing company. But Glencore's position differs from that of the number one producer, China's CMOC Group, which has lobbied for the ban to be lifted. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Yahoo
23-06-2025
- Business
- Yahoo
DRC extends cobalt export ban amid persistent market oversupply
The Democratic Republic of Congo (DRC), the world's leading cobalt supplier, has announced a three-month extension to its export ban on the metal, which is a key component in electric vehicle batteries. The Authority for the Regulation and Control of Strategic Mineral Substances' Markets (ARECOMS) confirmed the decision on Saturday, citing persistent market oversupply, according to a report by Reuters. The ban was initially imposed in February for a four-month period after cobalt prices dropped to a nine-year low of $10 per pound (lb). ARECOMS stated that the high level of stock still present in the market necessitated the extension of the temporary suspension. The agency has indicated that before the conclusion of the new three-month period in September, it will make a further announcement on whether to modify, extend, or terminate the suspension. Congolese authorities are currently evaluating the implementation of quotas for cobalt shipments among mining companies. According to the report, Glencore, the world's second-largest cobalt producer, supports the proposal for quotas. However, this stance contrasts with that of CMOC Group, the leading cobalt producer, which is advocating for the ban to be lifted. In related news, a coltan mine collapse in the town of Rubaya in DRC's North Kivu province has claimed the lives of at least 12 people, according to a separate Reuters report, citing sources. The report stated that several people managed to escape the artisanal mine when it collapsed on Thursday, although the cause has yet to be determined. Rubaya's small artisanal mines contribute approximately one-sixth of the global supply of coltan, an essential metallic ore for the manufacture of smartphones and other electronic devices. Since mid-2024, the M23 rebels have controlled the area, imposing a 15% tax on coltan production, as confirmed by rebel officials. "DRC extends cobalt export ban amid persistent market oversupply" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
23-06-2025
- Business
- Yahoo
DRC extends cobalt export ban amid persistent market oversupply
The Democratic Republic of Congo (DRC), the world's leading cobalt supplier, has announced a three-month extension to its export ban on the metal, which is a key component in electric vehicle batteries. The Authority for the Regulation and Control of Strategic Mineral Substances' Markets (ARECOMS) confirmed the decision on Saturday, citing persistent market oversupply, according to a report by Reuters. The ban was initially imposed in February for a four-month period after cobalt prices dropped to a nine-year low of $10 per pound (lb). ARECOMS stated that the high level of stock still present in the market necessitated the extension of the temporary suspension. The agency has indicated that before the conclusion of the new three-month period in September, it will make a further announcement on whether to modify, extend, or terminate the suspension. Congolese authorities are currently evaluating the implementation of quotas for cobalt shipments among mining companies. According to the report, Glencore, the world's second-largest cobalt producer, supports the proposal for quotas. However, this stance contrasts with that of CMOC Group, the leading cobalt producer, which is advocating for the ban to be lifted. In related news, a coltan mine collapse in the town of Rubaya in DRC's North Kivu province has claimed the lives of at least 12 people, according to a separate Reuters report, citing sources. The report stated that several people managed to escape the artisanal mine when it collapsed on Thursday, although the cause has yet to be determined. Rubaya's small artisanal mines contribute approximately one-sixth of the global supply of coltan, an essential metallic ore for the manufacture of smartphones and other electronic devices. Since mid-2024, the M23 rebels have controlled the area, imposing a 15% tax on coltan production, as confirmed by rebel officials. "DRC extends cobalt export ban amid persistent market oversupply" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
22-06-2025
- Business
- Business Insider
World's top cobalt producer, DRC, halts exports amid market turmoil
The Democratic Republic of Congo (DRC) has extended its temporary suspension on cobalt exports for an additional three months, as announced by the country's strategic minerals regulator on Saturday. 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.
Yomiuri Shimbun
22-06-2025
- Business
- Yomiuri Shimbun
Congo Extends Cobalt Export Ban by Three Months
KINSHASA, June 21 (Reuters) – The Democratic Republic of Congo has extended by three months a ban on exports of cobalt intended to curb oversupply of the electric vehicle battery material, a regulatory agency said on Saturday. The world's top cobalt supplier imposed a four-month suspension on exports in February after prices had hit a nine-year low at just $10 a pound. The ban was due to expire on Sunday. '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 (ARECOMS) said in a statement. ARECOMS said it expected to announce a subsequent decision to either modify, extend or terminate the suspension before the new three-month window closes in September. Reuters reported on Friday that Congolese authorities were considering extending the ban as they explored how to distribute quotas for shipments of cobalt among mining companies. A proposal to implement quotas has backing from miners including Glencore GLEN.L, the world's second-largest cobalt-producing company. But Glencore's position differs from that of the number one producer, China's CMOC Group which has lobbied for the ban to be lifted.
