By Mevlut Ozkan
ISTANBUL (AA) – The Democratic Republic of the Congo has extended its temporary suspension of cobalt exports by an additional three months, citing persistent oversupply in the global market.
The Authority for the Regulation and Control of Strategic Mineral Substances' Markets (ARECOMS) said in a statement on Saturday that the extension was “due to the continued high level of stock on the market.”
The agency added that it plans to review the situation and issue a new decision before the end of the extended suspension, which could result in the measure being modified, prolonged, or lifted.
The original four-month suspension, imposed on Feb. 22, was aimed at stabilizing international cobalt prices, increasing transparency in the mineral’s supply chain, and encouraging domestic refining and value-added processing.
The DR Congo supplies more than 70% of the world’s cobalt, a critical component in electric vehicle batteries and other high-tech applications.