DR Congo’s cobalt exports resume after 10-month halt

The Democratic Republic of Congo has restarted cobalt exports after a 10-month suspension that the government says helped push prices higher and protect state revenue, according to an Africanews report on December 23rd.

Finance Minister Doudou Fwamba said, “Since Friday, the Democratic Republic of Congo has resumed exporting its cobalt”, ending a ban that was first introduced in February. The restriction was originally planned to last four months, but was later extended as the government decided it was necessary to deal with falling prices caused by global oversupply. He added that the decision to resume followed signs that the government’s strategy had worked.

The Democratic Republic of Congo is the world’s largest producer of cobalt, a metal used mainly in lithium-ion batteries found in smartphones, laptops and electric vehicles. According to the US Geological Survey, the country accounted for about 76% of global cobalt production in 2024, producing roughly 220,000 tonnes.

Fwamba said the export suspension was aimed at asserting greater control over a key national resource. He argued that despite being the world’s top supplier, Congo had little influence over prices before the ban. “How can we be the number-one supplier of 70% of this strategic product yet not influence price formation?” he said. Therefore, DR Congo introduced new regulations for cobalt exports out of the country. 

He added that the country had been losing tax revenue as cobalt prices steadily declined. Before the ban, prices had fallen to around $22,000 per tonne. During the suspension, prices recovered to between $54,000 and $55,000 per tonne.

The government has blamed part of the price pressure on heavy production by foreign mining companies, especially Chinese firms operating in Congo. China-based CMOC runs the Tenke Fungurume and Kisanfu mines, which are among the largest cobalt mines in the world. Large-scale output from these sites has contributed to global oversupply, said officials.

Cobalt mining in Congo is mainly concentrated in the southeastern province of Katanga, a region seen as central to the country’s economy and mining strategy. Unlike the eastern provinces of North Kivu and South Kivu, Katanga has largely avoided the armed violence that has destabilised other parts of the country.

The resumption of exports is expected to bring much-needed revenue back into the state’s reserves, though officials have not said whether new restrictions could be introduced in the future. For now, the government is expected to monitor global markets closely as Congo seeks a stronger role in shaping prices for one of the world’s most important battery metals.

Africanews, Maghrebi.org