The Democratic Republic of Congo (DRC) plans to impose export quotas on cobalt following a four-month export ban, aiming to curb oversupply and stabilize prices, a Western media outlet reported.
The move, announced during a cabinet meeting, will reportedly regulate exports while promoting local mineral processing.
Cobalt, a key material in electric vehicle and mobile phone batteries, has seen prices plummet due to weak demand and increased copper production, from which cobalt is a by-product. DRC, the world's largest cobalt producer, is now looking to collaborate with Indonesia, another major supplier, to manage global supply and pricing.
“This strategic move seeks to ensure better market stability,” reportedly said Prime Minister Judith Suminwa Tuluka.
The quotas will be implemented in two phases—one controlling exports and the other focusing on domestic transformation of minerals.