CMOC Boosts Cobalt Output Despite Congo’s Export Ban

CMOC Group, the world's largest cobalt miner, reported a 20.7% increase in cobalt production during the first quarter of 2025, reaching 30,414 metric tons. Copper output also rose by 15.7%, totaling approximately 171,000 tons. These gains were achieved despite the Democratic Republic of Congo (DRC) imposing a four-month ban on cobalt exports in February to address oversupply and stabilize prices. The ban underscores Congo's critical role as the world's largest supplier of cobalt, accounting for about 70% of global production.

Since the export suspension, cobalt prices have surged significantly. On China's Zhonglianjin trading platform, prices rose by over 25%, closing at 219,000 yuan ($33,560) per metric ton on April 8. The DRC government has indicated it may extend the ban or implement additional measures to further control market dynamics and boost prices. This price surge highlights the immediate impact of supply disruptions on global markets.

CMOC forecasts its annual cobalt production to range between 100,000 and 120,000 metric tons in 2025, building on last year’s output of 114,000 tons—more than double its production in 2023. The company’s operations at the Tenke Fungurume and Kisanfu mines in Congo have been pivotal in ramping up production despite regulatory challenges.

The export ban has also prompted broader market shifts. Analysts note that while prices have risen sharply, stockpiled reserves outside the DRC could temper the surge if exports resume later this year. Meanwhile, manufacturers reliant on cobalt for lithium-ion batteries are exploring alternative sources from countries like Australia and Indonesia to mitigate supply chain risks.

The DRC’s export restrictions reflect a strategic effort to leverage its dominant position in the cobalt market. As global demand for battery metals continues to grow—driven by electric vehicles and renewable energy storage—the country’s policies are reshaping supply chains and influencing international pricing trends.