DRC bans cobalt exports to reduce market oversupply
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The Democratic Republic of Congo's ban on cobalt exports will remain for 3 months and could be reviewed or lifted after that period.
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A man enters one of the tunnels dug with shovels in the Shinkolobwe Cobalt mine, in South Eastern Democratic Republic of Congo, on April 10, 2004 (AP)
The Democratic Republic of the Congo temporarily halted cobalt exports on Monday to inhibit the supply of new metal on the market, which it described as "over-supplied".
The ban will remain for at least four months, according to the Authority for the Regulation and Control of Strategic Mineral Substances' Markets.
"This measure is intended to regulate supply on the international market, which is faced with a production glut," Patrick Luabeya, president of ARECOMS, said in a statement, adding that the ban is effective on February 22 and could be revised or ceased after three months.
China's CMOC Group has more than doubled its output of cobalt to around 114,000 tons while boosting its copper production in two mines in the DRC.
The Democratic Republic of the Congo is the world's largest producer of cobalt, which plays an essential role in batteries for technology, from electric vehicles to mobile phones.
War for minerals
The Congolese government has accused Rwanda of using the M23 militants as a proxy force to seize the country's mineral resources, which include gold and cobalt, among other metals significant for the manufacturing of mobile phones, computers, and electric vehicles.
The Democratic Republic of Congo has been witnessing intense battles in its eastern sector, an area rich in minerals, as M23 militants take over the major cities of Goma and Bukavu, allegedly supported by Rwanda.
The Congolese prime minister announced on Monday that "more than 7,000 compatriots" were killed as violence in the eastern Congo rose in the region, as M23 forces supported by about 4,000 Rwandan troops rapidly advanced through the region, leaving 3,000 people dead in the major city of Goma alone.
Prime Minister Judith Suminwa Tuluka said over 2,500 bodies were buried unceremoniously, while 1,500 were still waiting in morgues, noting that there is a "significant mass of civilians" among the victims.
The United Nations Security Council ordered Rwanda to withdraw its troops from the eastern DRC and halt its support for the March 23 militant forces, calling both the Congo and Rwanda to initiate diplomatic negotiations to achieve long-lasting peace.
The M23 advance to the south following its seizure of Goma raised concerns of a worsening humanitarian crisis, as more civilians became displaced while escaping the fighting, adding pressure on a region that was already grappling with a lack of resources.
