(Reuters) – Democratic Republic of Congo could extend a four-month export ban on cobalt introduced in February following a sharp drop in the metal’s price, government spokesperson Patrick Muyaya said on Friday.
The world’s top producer of cobalt halted the metal’s exports in February in a bid to curb a global supply glut and stabilize the market.
The Central African country also intends to impose export quotas on cobalt and partner with Indonesia, another key producer, to manage pricing and supply.
After a cabinet meeting, government spokesperson Patrick Muyaya said that cobalt prices had risen by over 50% since Congo’s decision to suspend exports.
Quoting a statement from President Felix Tshisekedi, Muyaya said it was necessary to maintain the cobalt export ban, adding that an evaluation would be carried out at the end of the four-month period, to decide whether the country should extend the ban or adopt new measures to maintain market stability.
(Reporting by Congo newsroom; Writing by Bate Felix and Anait Miridzhanian; editing by Diane Craft and Sandra Maler)
