Democratic Republic of Congo Resumes Cobalt Exports After 10-Month Halt. Kinshasa, Democratic Republic of Congo — The Democratic Republic of Congo (DRC) has resumed cobalt exports following a 10-month ban, according to Finance Minister Doudou Fwamba.
The ban, which was initially introduced in February for a four — month period, was aimed at stabilizing the cobalt market and addressing falling prices due to global oversupply.
Since Friday, the DRC has been exporting cobalt, a crucial material for lithium — ion batteries used in smartphones and electric cars.
The DRC is the world’s leading cobalt producer, accounting for 76% of global production in 2024, or approximately 220,000 tons, as reported by the U. S.
Geological Survey.
The export suspension was intended to ensure “national sovereignty over raw materials, “Fwamba explained. “How can we be the number-one supplier of 70% of this strategic product yet not influence price formation?
We refused to accept that, “he.
The cobalt is primarily extracted from mines in the southeastern province of Katanga, a region vital to the DRC’s economy and strategy. Despite ongoing violence in the North Kivu and South Kivu provinces, largely under M23 control, the Katanga region has been mostly unaffected.
Fwamba attributed the decline in fiscal revenue to the systematic decline in cobalt prices, particularly due to extensive cobalt mining activity in the DRC by Chinese company CMOC, which operates the Tenke Fungurume and Kisanfu mines, two of the world’s largest.
The resumption of cobalt exports is expected to have significant economic implications for the DRC. Further details are expected as the situation develops.
