DRC cobalt

tracked under Minerals ▸ Resource nationalism

state of play · Minerals

The DRC government reinstated a ban on copper concentrate and cobalt concentrate exports on August 6, sending copper to an all-time price record and compounding a simultaneously reported sulfuric acid supply collapse affecting smelter operations. The DRC holds approximately 70% of global cobalt reserves; CMOC, the world's largest cobalt producer, operates primarily there. The ban follows the 2026 DRC cobalt quota imposed earlier this year and is a reinstatement of an earlier restriction rather than a novel policy. Chinese smelters dependent on DRC concentrate face immediate sourcing disruption; the move escalates a pattern of export nationalism following Indonesia on nickel and Zimbabwe on lithium, reshaping how processing capacity is allocated globally.

The International Energy Agency warned on July 16 that full implementation of China's rare earth export restrictions could disrupt US$6.5 trillion of downstream production outside China, the most comprehensive market-risk assessment yet of Beijing's export-control regime. China's commerce ministry launched a cash-reward programme July 1 for informants reporting illegal rare-earth exports, adding a civilian enforcement layer to an architecture already spanning the Mineral Resources Law (June 15) and a 46-firm defence-procurement ban. MP Materials and USA Rare Earth were blacklisted June 22; MOFCOM Announcement No. 26 took effect July 1. India and Japan signed the UNICORN defence-materials deal July 2, the clearest allied response so far. NdPr metal ran 160% in four months to US$137/kg before correcting; European ex-China rare earth prices are at six times domestic Chinese levels. MP Materials is producing NdFeB magnets at Fort Worth under a US$400m DoD equity stake. Battery metals: lithium nearly doubled in Q1 2026; China suspended graphite export licences until at least November 2026, covering 97% of spherical graphite. Gallium reached US$2,269/kg in the West versus US$246/kg in China. The US Trump administration announced US$3 billion in government investment across domestic and allied critical minerals projects on August 7, explicitly linking the spending to rebuilding weapons stockpiles depleted during the US-Israel war on Iran and reducing dependence on Chinese processing; CNBC framed it as a defense-necessity measure; The National placed it within a broader multipolar realignment as multiple governments diversify away from Chinese supply chains.

Watch: whether CMOC and Glencore comply with the DRC ban or seek exemptions; which specific projects receive the US$3B and in which allied countries; whether the US investment triggers matching G7 minerals commitments; cobalt and copper spot price moves after the DRC ban; whether Chinese smelters invest in DRC-based refining capacity; IEA US$6.5T figure and allied procurement timelines; CRMA permitting pace; US 45X FEOC implementation.

The Democratic Republic of Congo supplies roughly 70% of world cobalt mine output from its Katanga Copperbelt, and since October 2025 has wielded OPEC-style export quotas to manage global prices.

full dossier ›

DRC bans exports of copper and cobalt concentrates to force local processing, escalating minerals policy

The Democratic Republic of Congo reinstated a ban on exports of copper concentrate and cobalt concentrate on August 6, blocking raw ore from leaving the country unprocessed; TRT Afrika described it as a major escalation of the DRC's drive to capture more mining value domestically; Crypto Briefing noted the ban also affects crypto miners who rely on cobalt-linked supply chains

Whose Money ·21 takes ·Aug 8

CMOC Group

China's CMOC Group supplies roughly one-third of global cobalt from its DRC mines, making it the dominant actor in battery-metal supply chains and a flashpoint in US-China resource competition.

·4 takes ·Jul 3

Resource nationalism: five producing states using export controls to capture battery-metal value

As battery-metal demand accelerates, Indonesia, the DRC, Guinea, Chile and Zimbabwe are using export quotas, bans and permit revocations to keep more mineral value at home.

·4 takes ·Jul 3

Glencore

Switzerland-based Glencore, one of the world's largest commodity traders and miners, dominates global cobalt supply and is central to Western strategies to secure critical minerals from the DRC.

·4 takes ·Jul 3

A June 2026 strike at CMOC's Tenke Fungurume Mine compounded a DRC cobalt quota limiting exports to 27% of 2025 production

The DRC set CMOC's 2026 cobalt export quota at 31,200 tonnes against 117,549 tonnes produced in 2025; a June 1 work stoppage at TFM raises copper output risk as CMOC guides 760-820 kt for the year

What Broke ·4 takes ·Jul 7

DRC's 96,600-tonne cobalt quota forces Glencore to pivot and drives prices up 160%

Kinshasa replaced its 2025 export ban with strict annual caps; cobalt hit $57,320/t, but artisanal miners largely escape the ceiling

Whose Money ·7 takes ·Jun 25

LME cobalt hit $56,290/t in March, up 67% year on year, as Electra Battery Materials opened Canada's first cobalt sulfate refinery and BASF ran its first black-mass recycling plant

The 'tightest-ever' physical market pushed cobalt to a two-year high before a Q2 correction; Electra's 5,120 tpa Ontario refinery targets IRA-compliant battery supply; DRC's export quota and LFP's 55% share frame the long-run cobalt substitution debate

The Long Game ·9 takes ·Jul 7

US-backed Orion CMC agreed to buy 40% of Glencore's DRC copper-cobalt assets for $9bn as Glencore-Rio merger talks collapsed

The Mutanda-KCC stake transfer gives Washington indirect control over two of the DRC's largest mines; a six-month Takeover Panel cooling-off period on the Rio Tinto mega-merger expires in August 2026

Whose Money ·6 takes ·Jul 10

The briefing, by email