The government of the Democratic Republic of Congo (DRC) has officially announced the resumption of cobalt exports, ending a freeze of nearly four months. This decision, taken against a backdrop of historically low prices, has achieved its primary objective: to boost prices for this strategic metal, which is essential to the global energy transition.
This suspension measure, implemented on 22 February by the Regulatory and Control Authority for Strategic Mineral Markets (Arecoms), was explicitly aimed at "stabilising the market in the face of oversupply". While prices had collapsed to their lowest level in eight years, the embargo has led to a spectacular recovery. According to Finance Minister Doudou Fwamba, the price per tonne of cobalt rose from $22,000 to around $55,000 during this period.
This direct intervention in export flows highlights Kinshasa's desire to use its weight as a dominant producer to influence pricing. The DRC accounts for nearly 76% of global supply (around 220,000 tonnes in 2024), mainly through the giants Tenke Fungurume and Kisandu, operated by China's CMOC in the Katanga region.
"How can we be the leading supplier of 70% of this strategic product but have no influence on pricing? That's what we said no to," Minister Fwamba explained. The country, directly impacted by falling prices through erosion of its tax revenues, has therefore temporarily withdrawn its supply from the market in order to drive up prices.
While the operation was a success in terms of prices, it does not erase the structural challenges facing the Congolese mining sector. Despite its immense underground wealth, the DRC remains one of the least developed countries in the world. Its mining industry is undermined by endemic problems of corruption, smuggling and illegal exploitation.
The sensitive issue of artisanal cobalt, which accounts for 3 to 5% of national production, also remains topical. Although marginal in terms of volume, this segment continues to be associated with human rights violations, according to experts, despite regulatory efforts.
The resumption of exports marks a return to normal for global buyers, who are reassured about the continuity of supply. However, this show of strength by the DRC sends a clear signal to the markets: the world's leading cobalt producer now intends to play an active role in governing the prices of this critical resource for the electric age.