Cobalt power play: DRC extends export ban amid global market strains

The Democratic Republic of Congo (DRC),the world’s top cobalt producer,has extended its export ban on the metal for an additional three months,intensifying its grip on a turbulent global market.

The extension,announced Saturday (21 June) by the strategic minerals regulator ARECOMS,comes as prices remain depressed and cobalt stockpiles high. Originally imposed in February after prices plunged to a nine-year low of $10 per pound,the ban aims to manage oversupply and stabilize global prices. Since its introduction,cobalt prices have rebounded by over 50%,highlighting the DRC’s critical influence on the battery metal market.

Cobalt is essential for electric vehicle batteries and other electronics. With the DRC supplying 70% of the world’s cobalt,decisions in Kinshasa reverberate globally. While the mineral-rich DRC is often portrayed as a victim of exploitation by China,the United States and Europe in their competition for its minerals,an 2024 analysis published by The Conversation highlighted that the DRC can influence the shape of the cobalt market,in which it is the single largest producer.

ARECOMS has floated a quota system to regulate exports moving forward,backed by Glencore but opposed by China’s CMOC Group,the largest global cobalt producer. “This measure is intended to regulate supply on the international market,which is faced with a production glut,” said ARECOMS President Patrick Luabeya. Authorities will revisit the decision in September. While the DRC asserts its leverage,critics point to ongoing inequality and environmental degradation around mining sites,questioning whether this resource power is being used to uplift Congolese communities — or merely shift market dynamics. The economic benefits rarely reach local communities — nearly three-quarters of Congolese citizens still live in poverty.