The Democratic Republic of Congo may extend its four-month cobalt export ban as prices continue to recover, government spokesperson Patrick Muyaya announced on Friday.
Congo, the world’s leading cobalt producer, halted exports in February to counter oversupply and stabilize the global market.
The move followed a sharp decline in prices, prompting government intervention to regulate supply and demand.
Authorities are now considering export quotas and a potential partnership with Indonesia, another major cobalt producer, to strengthen pricing strategies.
The collaboration aims to prevent further market volatility and ensure sustainable trade.
Since the ban, cobalt prices have surged by more than 50%, Muyaya said after a cabinet meeting.
He emphasized that the measure had achieved its initial goal but required further assessment.
Quoting President Felix Tshisekedi, Muyaya stated that an evaluation at the end of the four-month period would determine whether to extend the ban or implement alternative policies to maintain market stability.
