The Democratic Republic of Congo has extended its temporary halt on cobalt exports for another three months, pointing to ongoing oversupply issues in the global market.
ARECOMS, the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets, announced on Saturday that the extension was “because of the continuing high stock levels in the market.”
The agency said it intends to reassess the situation and make a new decision before the extended suspension concludes, which may result in altering, extending, or lifting the measure.
The initial four-month suspension, which took effect on February 22, was implemented to stabilise international cobalt prices, enhance clarity in the mineral’s supply chain, and promote domestic refining and value-added processing.
The DRC accounts for over 70% of the global cobalt supply, essential in electric vehicle batteries and various high-tech applications.
