The Democratic Republic of Congo has lifted a 10‑month ban on cobalt exports, according to the government. As the world’s leading producer of cobalt—a crucial component in high‑performance batteries for smartphones and electric vehicles—this decision is expected to impact the global market.
The ban, originally imposed for four months to stabilize the market and counter oversupply that had driven prices down, was intended to give the DRC greater control over its raw materials and influence price formation. Finance Minister Doudou Fwamba explained that the restriction was necessary to prevent the country from being subjected to fluctuating prices without a say in the matter.
The export ban targeted Chinese mining company CMOC, which operates two of the world’s largest mines in the DRC—Tenke Fungurume and Kisanfu. CMOC’s production had contributed to the oversupply and the subsequent price decline. According to Minister Fwamba, the strategy has paid off, with cobalt prices rising from $22,000 per tonne to around $54,000‑$55,000.
Despite its significant mineral wealth, the DRC remains one of the world’s least developed countries. Competition for its minerals has fueled conflict, corruption and mismanagement. Artisanal mining, which accounts for a small percentage of total production, has been linked to human rights abuses. Most cobalt is extracted from mines in the southeastern province of Katanga, an area that has largely avoided the armed conflict affecting other parts of the country.
The resumption of cobalt exports is expected to have significant implications for the global market. As the leading producer, the DRC’s decision will likely influence prices and supply chains, and its efforts to assert control over mineral resources and ensure fair pricing may set a precedent for other nations. With rich mineral deposits and growing demand for cobalt, lifting the export ban marks a crucial development in the global mining industry.
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