Democratic Republic of Congo resumes cobalt exports after 10-month ban

The Democratic Republic of Congo has resumed cobalt exports after a 10-month halt, the country’s finance minister said on Tuesday.

Introduced in February, the ban was initially imposed for four months. It was designed to stabilise the market and stem falling prices due to global oversupply, the government said at the time.

"Since Friday, the Democratic Republic of Congo has resumed exporting its cobalt," Finance Minister Doudou Fwamba told reporters in a press conference..

The DRC is by far the world’s leading cobalt producer. It was responsible for 76% of the global cobalt production in 2024, or about 220,000 tons, according to the US Geological Survey.

The metal is essential to produce lithium-ion batteries, including those used in smartphones and electric cars.

Fwamba said the 10-month export suspension had aimed to ensure "national sovereignty over raw materials."

"How can we be the number-one supplier of 70% of this strategic product yet not influence price formation? We refused to accept that," Fwamba said.

He explained that Congo had “lost fiscal revenue due to the systematic decline in cobalt prices.”

This was especially due to China's extenstive cobalt mining activity in the DRC. Chinese mining company CMOC operates Tenke Fungurume and Kisanfu, two of the world's largest mines.

Fwamba said the government's strategy was successful, with cobalt prices rising from$22,000 per ton to $54,000 or $55,000.

Cobalt is mainly extracted from mines in the southeastern province of Katanga. The region, which is considered vital to Kinshasa's economy and strategy, has for now been mostly spared from the relentless violence raging in the North Kivu and South Kivu provinces, largely under M23 control.