After the Current Restriction Expires, the Democratic Republic of Congo may restrict Exports of Cobalt
When its current four-month ban on cobalt exports expires, the Democratic Republic of the Congo stated it may impose severe restrictions. Although the nation produces about three-quarters of the world’s cobalt mines, it has banned the metal’s exports for four months since February.
According to Kinshasa, this was done to address a worldwide excess that had led to a sharp price decline. Lithium-ion batteries for cellphones and electric cars are made from the metal. By prohibiting exports, Kinshasa intended to stabilise the market and safeguard the interests of Congolese investors and producers.
Although the stocks that had caused the price decline had been much decreased, the president of the government agency that oversees strategic minerals stated on Wednesday that they had not yet been depleted.
According to Patrick Luabeya, unless market equilibrium is achieved regarding the supply and demand of cobalt, the agency’s next judgement “will inevitably imply a strict limitation of exports in whole or in part.”
He said the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets will consult industry participants on the prohibition in June.
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