The Democratic Republic of Congo has resumed exports of cobalt after a 10-month suspension aimed at stabilising prices in a market hit by global oversupply, Finance Minister Doudou Fwamba has announced.
“Since Friday, the Democratic Republic of Congo has resumed exporting its cobalt,” Fwamba told reporters at a press conference, confirming the end of a ban introduced in February.
The export halt, initially imposed for four months but repeatedly extended, was designed to curb falling prices for the strategic metal, which is essential for the production of lithium-ion batteries used in smartphones, laptops and electric vehicles.
The DRC is by far the world’s largest cobalt producer, accounting for about 76 percent of global output in 2024, or roughly 220,000 tonnes, according to data from the US Geological Survey. Its dominant position has long given the country significant leverage in the market, though authorities argue this has not always translated into influence over prices.
Fwamba said the suspension was part of a broader strategy to assert greater control over the country’s natural resources. “The objective was to ensure national sovereignty over raw materials,” he said.
“How can we be the number-one supplier of more than 70 percent of this strategic product yet not influence price formation? We refused to accept that,” the minister added.
According to Fwamba, the government had grown increasingly concerned that Congo was losing fiscal revenue as cobalt prices declined steadily on international markets. “We were losing public revenue because of the systematic fall in cobalt prices,” he said.
Cobalt prices have been under pressure in recent years amid rapid growth in supply, particularly from large industrial projects in the DRC itself. Chinese mining companies play a central role in this expansion. CMOC, one of China’s largest mining groups, operates Tenke Fungurume and Kisanfu, two of the world’s biggest cobalt and copper mines, both located in Congo.
Analysts have often pointed to this surge in output as a key factor behind the price slump, which squeezed government revenues and margins for smaller producers.
Fwamba said the export ban had delivered results, claiming that prices rebounded sharply during the suspension period. “Cobalt prices rose from about US$22,000 per tonne to between US$54,000 and $55,000,” he said, describing the policy as a success.
Cobalt is mainly mined in the southeastern province of Katanga, a mineral-rich region that is central to the Congolese economy and the state’s long-term industrial strategy. Unlike the eastern provinces of North Kivu and South Kivu, which have been plagued by years of conflict and are now largely under the control of the M23 armed group, Katanga has remained relatively stable.
That relative security has allowed large-scale mining operations to continue largely uninterrupted, making the region a cornerstone of Congo’s position in global supply chains for battery metals.
The resumption of exports comes as global demand for cobalt remains closely tied to the pace of the energy transition and electric vehicle adoption. While some battery manufacturers are working to reduce cobalt content due to cost and ethical concerns, the metal remains a critical component in many high-performance batteries.
For Congo, the challenge remains how to balance its role as the world’s top producer with its ambition to capture greater value from its resources, through price influence, processing, and increased fiscal returns.
Fwamba did not indicate whether further market interventions could be considered in the future, but said the government would continue to monitor prices closely as exports resume.
