DRC Resumes Cobalt Exports After 10-Month Halt
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The Democratic Republic of Congo resumed cobalt exports on Friday after a 10-month suspension imposed in February, Finance Minister Doudou Fwamba announced Tuesday. The moratorium, initially planned for four months before extension, countered a price collapse from global oversupply, with Fwamba stating shipments restarted to restore fiscal revenue lost to the decline.
Fwamba told reporters cobalt prices rose from $22,000 per ton to $54,000-$55,000 during the halt, calling it a demonstration of "national sovereignty over raw materials." "How can we be the number-one supplier of 70% of this strategic product yet not influence price formation? We refused to accept that," he said.
The DRC produced 76% of global cobalt output in 2024, or 220,000 tons, per U.S. Geological Survey data. Chinese group CMOC operates Tenke Fungurume and Kisanfu mines, two of the world's largest cobalt sites in Katanga province.
Most output originates from southeastern Katanga, relatively stable compared to M23 rebel-affected North and South Kivu provinces.
