Congo suspends cobalt exports for four months amid oversupply
By: Bloomberg
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 world’s supply 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 outpace demand and prices to tumble.
