Congo pledges to maintain cobalt quotas, as exports return 'within a few days'
After a month-long ban on exports, the Democratic Republic of Congo introduced quotas to limit oversupply, stabilize prices, and curb oversupply. The exports halted as companies waited to be sure of compliance. Congo's Chambers of Mines?said that in a letter sent to the Ministry of Mines, it sought to speak with regulator ARECOMS about?delays? and concerns?over its 10% strategic stock. However, they have yet to receive a reply. ARECOMS confirmed Thursday that Glencore was among the'miners who have been cleared to test the new system.
ARECOMS has not disclosed the volume or timing of the first cargo.
The regulator responded to questions by saying that it was important to make sure the controls were robust before exports resumed.
"We guarantee that the quotas assigned to companies by ARECOMS are respected."
From 2026, the quota system will limit exports to 96.600 tons per year.
China's CMOC and Glencore, two of the top producers in the world, received the biggest?shares - 6,650 tons each - while ARECOMS'retained' 10% as a strategic reserve.
Glencore has declined to comment.
Analyst Jean Pierre Okenda, based in Kinshasa, said that the lack of clarity 'on ARECOMS 10% strategic stock is troubling.
He warned of the risks that could arise if there is no transparency or accountability. (Reporting and writing by Ange Kasongo, Maxwell Akalaare Adombila, editing by Chizu Nomiyama)
(source: Reuters)
