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The DRC is by far the world’s largest producer of cobalt. It was responsible for 76% of global cobalt production in 2024, approximately 220,000 tonnes, according to the US Geological Survey.
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 stabilize the market and stem falling prices caused by global overproduction, the government said at the time.
The DRC is by far the world’s largest producer of cobalt. It was responsible for 76% of global cobalt production in 2024, approximately 220,000 tonnes, according to the US Geological Survey.
The metal is essential for producing lithium-ion batteries, including those used in smartphones and electric vehicles. The 10-month export suspension aimed to ensure “national sovereignty over raw materials.” Congo had “lost tax revenue due to the systematic decline in cobalt prices.”
This was due in part to extensive Chinese mining activity in the DRC. The Chinese mining company CMOC operates Tenke Fungurume and Kisanfu, two of the world’s largest mines. The government’s strategy has been successful, with cobalt prices rising from $22,000 per tonne to $54,000 or $55,000.
Cobalt is primarily mined in the Katanga province in the southeast. The region, considered vital for Kinshasa’s economy and strategy, has so far been largely spared from the ongoing violence plaguing the North Kivu and South Kivu provinces, which are largely under M23 control.