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China's Luoyang Molybdenum Group calls on the Democratic Republic of Congo to end its cobalt export ban
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Release time：2025-05-22
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Export restrictions have left stakeholders uncertain about post-ban plans, which may include extending or introducing export quotas.
According to Reuters, citing three sources familiar with the matter, China's cobalt mining company, Luoyang Molybdenum Group, has requested that the Democratic Republic of Congo (DRC) lift the current cobalt export ban, which is set to expire next month. India implemented a four-month ban in February to address oversupply as cobalt prices fell to their lowest point in nine years.
Kenny Ives, vice president of Luoyang Molybdenum, urged the Congolese government to lift restrictions on cobalt, a key component in electric vehicle batteries, during a private meeting at an industry conference in Singapore. This appeal was made in the presence of Kizito Pakabomba, DRC's Minister of Mines. The DRC is the world's largest cobalt producer, but its post-ban plans remain unclear and may include extending the ban or introducing export quotas. Ives highlighted concerns about dwindling Chinese pipeline inventories and stressed the DRC's need to allow free cobalt exports. He warned that continued restrictions could accelerate the auto industry's shift to lithium iron phosphate (LFP) batteries, which do not require cobalt. This shift is already underway, with Chinese electric vehicle manufacturers such as BYD adopting LFP batteries. Some attendees interpreted Ives' remarks as an implicit threat, fueling concerns that China aims to suppress cobalt prices to build strategic reserves.
As Luoyang Molybdenum expands operations at its Tenke Fungurume and Kisanfu mines in the DRC, the company projects cobalt production between 100,000 and 120,000 tons this year. This forecast aligns with last year's output and represents a significant increase from 56,000 tons two years prior. Conversely, at the same event, Glencore representatives supported export restrictions, stating that market stability must be achieved before lifting the ban. They indicated willingness to accept a quota system if implemented by the Congolese government. Wang Xueli, general manager of the Shanghai Metals Market, noted that Chinese smelters have accumulated up to six months' worth of inventory. Meanwhile, the State Council Development Research Center is reviewing the ban's impact and considering industry recommendations, weighing tax revenue losses against market stability.
Earlier this month, the country was reportedly assessing the possibility of imposing stricter export restrictions on cobalt after the current export ban ends.
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