KINSHASA, Feb. 24 (Xinhua) -- The Democratic Republic of the Congo (DRC) has announced a four-month suspension of cobalt exports to regulate supply amid concerns of overproduction in the global market, authorities said Monday.
In a statement, the DRC's Regulatory and Oversight Authority for Strategic Mineral Substances Markets (ARECOMS), a public body under the Ministry of Mines, said that the suspension applies to all mining operations, including industrial, semi-industrial, artisanal, and small-scale production. An evaluation will be conducted after three months to determine whether to modify or lift the suspension.
ARECOMS, established in 2019, oversees the regulation of strategic minerals such as coltan, cobalt, and germanium. It aims to stabilize markets, formalize the artisanal sector, and ensure compliance with international anti-money laundering and counter-terrorism financing regulations.
According to London-based data analytics and consulting company Global Data, the DRC's cobalt production is projected to reach 244 kilotonnes in 2024. The country is the world's largest cobalt producer, supplying over 80 percent of global output.
Cobalt is a critical raw material used in various industries, particularly in the production of rechargeable batteries for electric vehicles, smartphones, and other electronic devices. The DRC's cobalt mining industry is primarily concentrated in the Katanga region, where both industrial and artisanal mining operations are prevalent.
