The Democratic Republic of the Congo (DRC) is suspending cobalt exports for four months to control the supply of cobalt on the international market, which is currently experiencing an oversupply. This caused prices to fall continuously.
This decision aims "to strengthen the traceability and control of the supply chain and to promote the local processing of the ore," the country's Ministry of Mines said, citing a press release from the Congolese mining regulator as its explanation.
The decision to suspend cobalt exports could be reviewed in three months, the agency said.
This suspension comes amidst ongoing conflict in eastern DRC. Since January, hostilities have claimed more than 7,000 lives, the vast majority of them civilians, as Prime Minister Judith Suminwa Tuluka stated in Geneva on Monday.