Congo considers asking Indonesia to help rein in cobalt supply
A Congolese ministerial committee recommended measures to bolster a temporary ban on cobalt exports, including working with Indonesia, the No. 2 supplier of the battery metal.
The Democratic Republic of Congo, which produces more than three-quarters of the world’s cobalt, imposed a surprise four-month suspension of shipments in late February. A glut of the metal used in electric-vehicle batteries had seen prices slump.
The government is now considering longer-term policies to generate more value from extracting and processing the metal, and prevent stockpiled material flooding out of Congo when the ban is lifted.
Congo’s Economic Situation Committee – headed by Prime Minister Judith Suminwa Tuluka – made recommendations for the “efficient management” of the ban, according to minutes of a cabinet meeting held on March 14 in the capital, Kinshasa. That includes “obtaining Indonesia’s collaboration” to “better control” cobalt supply and prices on the global market.
While Congo remains by far the largest source of cobalt, Indonesia’s contribution has been growing and last year reached 11% of total supply, according to specialist trading house Darton Commodities. Cobalt is extracted as a byproduct in both countries – mined alongside copper in Congo and with nickel in Indonesia. Prices of the metal have surged from historic lows following the suspension.
The committee also recommended the introduction of export quotas and requirements to boost domestic processing, the minutes said, without providing further details. Congo’s government has been contemplating whether to slap limits on production or shipments for more than a year.
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