• DR Congo extends cobalt export ban by 3 months.
• Prices up 45% since February to $30,200/ton.
• Quotas may replace ban in future review.

The Democratic Republic of Congo's suspension of cobalt exports, initially set to expire Sunday, June 22, has been extended by an additional three months. The Regulatory Authority for Strategic Mineral Substances Markets (ARECOMS) announced the extension Saturday, June 21, citing the continued accumulation of "significant market stockpiles" as the reason.

The measure was introduced in February for a four-month period. Its aim was to curb the global supply of cobalt, as a surplus had triggered a steep decline in prices. The Democratic Republic of Congo is the world's leading cobalt producer, accounting for roughly 70% of global supply. The country also hosts major global cobalt producers, including China's CMOC and Switzerland's Glencore. No official reaction has yet been recorded from these companies.

ARECOMS is expected to review the measure again before the end of the three-month period. It may consider "amending, extending, or ending" the suspension. In recent months, the introduction of an export quota system has also been discussed as a potential alternative to the embargo.

It remains to be seen how the market evolves and what stance Congolese authorities will take in the coming months. Meanwhile, cobalt prices have risen from $20,900 per ton at the end of February to $30,200 per ton currently on the London Metal Exchange. This represents an increase of about 45% over the period.