The Democratic Republic of Congo has announced it is halting exports of cobalt, a key ingredient in electric vehicle batteries, in an effort to stop the prolonged slide in prices that has gripped the industry.
All cobalt exports will be suspended for the next four months to deal with the “overabundance of supply on the international market”, according to a statement on Monday from the Strategic Mineral Substances Market Regulation and Control Authority, known as Arecoms.
The move, if fully enforced, would be the most dramatic action taken to stabilise the depressed cobalt market by the DR Congo, which is the world’s largest producer.
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