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CMOC Urges Congo to End Cobalt Export Ban Amid EV Battery Market Shifts

CMOC Urges Congo to End Cobalt Export Ban Amid EV Battery Market Shifts

China’s CMOC Group, the world’s largest cobalt producer, has called on the Democratic Republic of Congo to lift its ongoing cobalt export ban, set to expire June 22. The ban, implemented in February, was intended to ease global oversupply after cobalt prices hit a nine-year low at around $22,000 per metric ton.

Speaking at a closed-door industry event in Singapore, CMOC Vice President Kenny Ives urged Congolese authorities to allow free exports, warning that continued restrictions could push automakers to switch from cobalt-based batteries to lithium iron phosphate (LFP) alternatives. Sources say Congolese officials viewed Ives’ comments as a veiled threat, suspecting China of manipulating prices to build cobalt reserves.

The DRC, the world’s top cobalt-producing nation, is considering next steps, including an extension of the export ban or a shift to a quota system. Delays in export could impact government revenues and global supply chains, as Chinese smelters reportedly have only two weeks to six months of cobalt stockpiles left.

Meanwhile, Glencore, another major cobalt miner, expressed support for the ban at the same event. Its traders signaled openness to a quota system to stabilize prices and manage oversupply, echoing calls for market balance.

CMOC, backed by 30% shareholder CATL, expects to produce up to 120,000 metric tons of cobalt this year—more than double 2023 levels. Production is ramping up at its Tenke Fungurume and Kisanfu sites in Congo.

Benchmark Mineral Intelligence forecasts that either an extension of the export ban followed by quotas, or a direct transition to quotas in June, is likely. Both outcomes are expected to support cobalt prices amid increasing pressure from LFP battery adoption and evolving EV industry dynamics.

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