Mining

DRC Government plans to introduce export quotas to raise copper prices

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

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.

On the same topic
• DRC extended its cobalt export ban to September 2025 due to high stock levels.• Major producers like CMOC face delivery issues; supply risks remain but...
• Perseus Mining holds 80% of Tanzania’s $523 million Nyanzaga mine.• Tanzania’s government maintains a free 20% stake.• Nyanzaga will add 200,000...
• Guinea secured €95.16 million to build three micro-hydro plants.• The plants will generate 30 MW total for underserved central regions.• Guinea...
• Azumah Resources starts building Black Volta gold mine in Ghana, aiming for 163,000 oz/year• Funded by shareholders; initial cost estimated...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
03

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
04

• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...

William Ruto in London: New Agreement Aims to Double Kenya-UK Trade by 2030
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.