CMOC expects its cobalt production to be between 100,000t and 120,000t this year.
At an industry conference in Singapore, CMOC vice-president Kenny Ives urged the DRC government, in the presence of Mines Minister Kizito Pakabomba, to lift restrictions on cobalt, essential for electric vehicle (EV) batteries. The DRC, the top global cobalt producer, has yet to outline plans post-ban, which could involve extending restrictions or setting export quotas.
Ives said: “We need the DRC to permit free cobalt exports,” highlighting concerns over China’s shrinking cobalt inventories. He warned that ongoing restrictions might push the automotive industry toward lithium iron phosphate (LFP) batteries, which exclude cobalt, a trend already evident with Chinese EV maker BYD.
CMOC expects to produce 100,000 to 120,000 tonnes of cobalt this year from its Tenke Fungurume and Kisanfu mines in the DRC, consistent with last year’s output and up from 56,000 tonnes two years ago. At the same event, Glencore representatives endorsed the export curbs for market stability, expressing willingness to accept a quota system if introduced.
Shirley Wang of Shanghai Metals Market stated: “Chinese smelters have accumulated stockpiles lasting up to six months.” The DRC is evaluating the ban’s effects, weighing tax revenue losses against market stability, with reports suggesting stricter export controls may follow the current ban.
