Congo shakes up global cobalt supply with export quotas

Image credit: Reuters

Congo, which produced about 70% of global cobalt output last year, suspended exports in February after prices fell to a nine-year low. The move was extended in June, prompting force majeure declarations from major producers including Glencore and China’s CMOC Group.

Congo’s largely unregulated artisanal mining sector accounts for a significant share of cobalt output, complicating traceability and compliance for global buyers.

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The move to a quota system comes amid escalating conflict in eastern Congo, where the government says illegal mineral exploitation is fueling violence by M23 rebels.

The new system, backed by Glencore but opposed by CMOC, aims to reduce inventories and support prices. Quotas will be allocated based on historical exports of the critical electric battery material.

Glencore declined to comment. CMOC was not immediately available for comment.

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Congo's regulator said 10% of future volumes will be reserved for strategic national projects, and quotas could be revised based on market conditions or progress in local refining.

The regulator can buy back cobalt stocks exceeding the quarterly authorised quotas per company, said the statement signed by its chairman.