The Democratic Republic of Congo has extended by three months a ban on exports of cobalt intended to curb oversupply of the electric vehicle battery material, a regulatory agency said on Saturday.
The world's top cobalt supplier imposed a four-month suspension on exports in February after prices had hit a nine-year low at just $10 a pound. The ban was due to expire on Sunday.
"The decision has been taken to extend the temporary suspension due to the continued high level of stock on the market," the Authority for the Regulation and Control of Strategic Mineral Substances' Markets (ARECOMS) said in a statement.
ARECOMS said it expected to announce a subsequent decision to either modify, extend or terminate the suspension before the new three-month window closes in September.
A proposal to implement quotas has backing from miners including Glencore (GLEN.L), the world's second-largest cobalt-producing company. But Glencore's position differs from that of the number one producer, China's CMOC Group (603993.SS), which has lobbied for the ban to be lifted.
