Cobalt heavyweight Congo extends export ban, prices surge

Multinational

KINSHASA, June 24, 2025 – The Democratic Republic of the Congo has extended its cobalt concentrate export ban by three months, causing cobalt futures in China to surge over 9% to USD 35.34 per kilogram, Mining.com reported on Monday.

The ban, first introduced in February, has now been extended through August and is expected to remove more than 100,000 tonnes of cobalt from the global market over a seven-month period. DR Congo supplies over 80% of the world’s cobalt, a key component in electric vehicle batteries.

The top cobalt producer CMOC Group said its operations at the Tenke Fungurume and Kisanfu mines would not be significantly impacted by the extension. Glencore, the world’s second largest cobalt supplier, declared force majeure on some shipments shortly after the original export halt, while Cobalt Holdings cancelled its planned IPO in London earlier this month.

Cobalt sulphate prices in China have jumped 80% since January, when they hit an inflation-adjusted low of USD 3,556 per tonne. Monday’s futures spike may further push up physical prices, though they remain well below the 2022 peak of USD 19,000 per tonne.

Indonesia, where cobalt is a byproduct of expanding nickel production, is reportedly in talks with DR Congo to jointly manage supply, possibly through quotas.

CMOC Group is a Chinese mining company operating globally with significant interests in copper, cobalt, molybdenum and niobium production. Its key assets include the Tenke Fungurume and Kisanfu mines in DR Congo and operations in Brazil, Australia and China.

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