The Democratic Republic of Congo is considering extending its cobalt export ban by at least two months while officials work to finalize a quota system meant to replace the suspension, three sources familiar with the matter told Reuters.
A senior official at the Mines Ministry said the decision stems from the need for a further recovery in cobalt prices and more time to implement a quota-based framework.
The ministry’s proposal, however, requires approval from the Presidency. Neither the Presidency nor the Mines Ministry responded to requests for comment.
The current ban, first imposed in February and extended in June, is due to expire on Sunday, September 21. It was introduced to counter oversupply after cobalt prices plunged to a nine-year low of about $10 per pound.
Prices have since recovered sharply, with COMEX cobalt last trading at $16 per pound, a 60% rise since late February.
“The quota system seems to be more difficult for them to put in place,” said an analyst and consultant on China-Africa relations with knowledge of the matter.
A mining industry source added that Mines Minister Antoinette N’Samba Kalambayi met with senior mining executives on Thursday before beginning broader consultations with industry stakeholders.
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The proposed quota plan has drawn mixed reactions. Glencore, the world’s second-largest cobalt producer, supports the initiative, while CMOC Group, the top producer, has lobbied for the ban to be lifted. Glencore declined to comment, and CMOC did not immediately respond to a request for comment.
The export ban has so far failed to curb supplies or lift prices, according to Silverado Policy Accelerator, a U.S.-based non-profit.
“It is reasonable to expect that a complete removal of the ban could lead to similar results,” the group said in response to questions.
Congo holds some of the world’s richest mineral reserves, including lithium, coltan, and gold, and accounts for more than 70% of global cobalt output. Much of this production comes from artisanal miners, who are largely unregulated.
The government argues that illegal mineral exploitation is a major driver of ongoing conflict in eastern Congo, where clashes with M23 rebels have killed thousands and displaced hundreds of thousands.
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Image Credit: Reuters
