China’s CMOC Ltd., the world’s largest cobalt producer, has urged the Democratic Republic of Congo to lift its temporary export restrictions on the critical battery metal, as Chinese stockpiles dwindle and the June 22 expiration date approaches.
Kenny Ives, CMOC’s vice president, pressed Congolese Mining Minister Kizito Pakabomba during a closed-door session at an industrial summit in Singapore to remove barriers constraining cobalt exports. The appeal underscores mounting pressure on Congo’s government as it weighs extending restrictions that have reshaped global cobalt markets.
Chinese inventories are depleting rapidly, Ives warned, according to sources familiar with the discussions. He cautioned that prolonged export curbs could accelerate automakers’ shift toward lithium iron phosphate batteries, which eliminate cobalt entirely from electric vehicle power systems. 
Several Chinese manufacturers, including BYD Co., have already adopted LFP technology for both automotive applications and large-scale energy storage projects. Battery manufacturer CATL, which holds a 30% stake in CMOC, represents a significant investor in the mining company’s cobalt operations.
CMOC projects output of 100,000 to 120,000 metric tons this year, compared with 114,000 tons in 2023, driven by expanded production at its Tenke Fungurume and Kisanfu mines in Congo’s copper belt.
Congo imposed the four-month moratorium in February to address global oversupply that had depressed prices. The restriction immediately tightened international markets, pushing cobalt prices to $33,631 per ton from approximately $30,000 before the ban took effect.
The central African nation controls 75% of global cobalt reserves and dominates production of the metal essential for lithium-ion batteries powering electric vehicles and consumer electronics. The Cobalt Institute projects worldwide demand will reach 227,000 tons this year, an 11% increase from 2024, driven primarily by electric vehicle battery requirements.
Congo’s regulatory authorities have signaled they may extend export limitations beyond the June deadline. Patrick Luabeya, president of the Authority for Regulation of Strategic Mineral Substances Markets, indicated officials are considering maintaining some form of export controls, though specific parameters remain undefined.
The potential extension reflects Kinshasa’s broader strategy to extract greater value from its mineral wealth while managing global supply dynamics. Congo has increasingly leveraged its dominance in critical minerals as Western nations seek to reduce dependence on Chinese-controlled supply chains for battery materials.
