Congo to lift cobalt export ban from October and implement annual quota system.

The Democratic Republic of Congo's strategic mineral regulation agency announced on Sunday that the country will lift the ban on cobalt exports on October 16 and implement annual export quotas. Cobalt is a key raw material for batteries and is crucial for the electric vehicle industry. According to the announcement, mining companies will be allowed to export up to 18,125 tons of cobalt in the remaining time until 2025, with annual limits of 96,600 tons in both 2026 and 2027. Congo accounted for about 70% of global cobalt production last year. The country suspended exports in February due to cobalt prices hitting a nine-year low and extended the ban in June. Against the backdrop of escalating conflict in the eastern part of the country, the government has stated that illegal mining activities are fueling the violence of the M23 rebel group. The regulatory agency also stated that 10% of future exports will be reserved for national strategic projects, and they have the authority to repurchase excess cobalt inventories beyond each company's quarterly authorized quota.