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DRC Government plans to introduce export quotas to raise copper prices

Friday, 12 April 2024 18:45
DRC Government plans to introduce export quotas to raise copper prices

(Ecofin Agency) - Congolese officials are divided about setting export restrictions as technologies for cobalt-free electric vehicle batteries rapidly advance.

The Democratic Republic of Congo (DRC) has sought input from several international industry organizations and foreign research bodies on potentially implementing cobalt export quotas to drive up prices. Bloomberg reported the news on Thursday, April 11, 2024, citing sources familiar with the matter.

During a ministerial council held in February, Congolese President Félix Tshisekedi tasked then-Prime Minister Sama Lukonde with examining "the need to introduce export quotas or any other measure to secure a fair price for cobalt, charging a regulatory body with helping to design possible strategies," the same source said.

However, Congolese officials involved in the mining industry are divided on the wisdom of introducing export restrictions, according to sources cited by Bloomberg. Some view it as a necessary response to oversupply, while others fear it could make cobalt less attractive for use in batteries as cobalt-free electric vehicle batteries become increasingly popular.

Cobalt prices have fallen by about two-thirds since mid-2022, largely due to global supply outpacing demand.

The DRC accounts for roughly 70% of global cobalt production.



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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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