The Democratic Republic of Congo has lifted its 10‑month ban on cobalt exports, announced Finance Minister Doudou Fwamba. The ban, first imposed in February for four months, was intended to stabilize the market and curb falling prices caused by a global oversupply. By suspending shipments, Kinshasa sought to assert national sovereignty over raw materials, especially cobalt, which is crucial for lithium‑ion batteries used in smartphones and electric cars.
As the world’s leading cobalt producer, the DRC accounted for 76 % of global output in 2024—about 220,000 tons, according to the U.S. Geological Survey. The export halt was prompted by a systematic decline in cobalt prices that eroded fiscal revenue. China’s extensive mining activity in the DRC, notably through CMOC’s Tenke Fungurume and Kisanfu mines, also contributed to the price drop.
The government’s strategy appears to have worked: cobalt prices have risen from roughly $22,000 per ton to $54,000–$55,000. Most cobalt is extracted in the southeastern Katanga province, a region vital to Kinshasa’s economy and strategic plans. Resuming exports is therefore significant, given the metal’s importance in battery production and the DRC’s dominance in the global market.
Lifting the ban is expected to boost the country’s economy, which has suffered from the recent price decline. By asserting control over its raw materials and influencing price formation, the DRC may set a precedent for other nations seeking to manage their natural resources. With cobalt shipments restarting, the DRC is likely to regain its status as a major player in the global market and benefit from increased revenue.
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