China’s CMOC Group, the world’s leading cobalt producer, has urged the Democratic Republic of Congo (DRC) to lift its four-month cobalt export ban, set to expire on June 22. Implemented in February to curb oversupply and stabilize prices, the ban has led to dwindling cobalt inventories in China. At a recent industry meeting in Singapore, CMOC’s Vice President Kenny Ives warned that continued restrictions could push automakers toward cobalt-free lithium iron phosphate (LFP) batteries. Some Congolese officials perceived Ives’ comments as a veiled threat, raising concerns about China’s intentions to stockpile cobalt. Meanwhile, Glencore, another top cobalt miner, expressed support for export quotas to manage supply. The DRC government is evaluating the ban’s impact and considering future strategies, including extending the ban or implementing export quotas.
Reuters
