Congo Suspends Cobalt Exports for Four Months Amid Glut
Sacks of cobalt hydroxide in Democratic Republic of Congo.
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The Democratic Republic of Congo says it’s suspending cobalt exports for four months to rein in oversupply of the battery metal on the international market.
Cobalt production in Congo – which produces about three-quarters of the material used in electric-vehicle batteries – has soared in recent years, as China’s CMOC Group Ltd. ramped up output at two large mines in the country causing supply to race ahead of demand and prices to tumble.