A significant portion of Glencore’s cobalt production in the DRC could remain unsold by the end of the year due to the DRC’s prolonged suspension of exports, the company announced.
The DRC, the world’s largest cobalt producer, imposed a four-month moratorium on cobalt exports in February after prices hit their lowest level in nine years. The moratorium was extended for a further three months in June to allow the government to reorganize the distribution of export quotas among mining companies.
‘The extension of the export ban is expected to significantly reduce global cobalt availability and accelerate the depletion of stocks, which would support prices,’ Glencore said in its report.
The company said it remained ‘fairly cautious’ in its forecasts and that the financial impact of this situation would remain limited, even if no cobalt from the DRC could be sold by the end of December.
‘If some quantities end up being exported, that would be a bonus,’ the group added.
Glencore, the world’s second-largest cobalt producer, invoked force majeure earlier this year on certain cobalt shipments from the DRC, according to Reuters.
Since the ban came into effect, Glencore has been storing all its Congolese production within the country. The group has not specified the volumes stored.
In the first half of 2025, Glencore’s total cobalt production increased by 19% year-on-year to 18,900 tons. The group is targeting annual production of between 42,000 and 45,000 tons, compared with 38,200 tons in 2024.
Source: Reuters
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Cobalt: Glencore announces it will store its production until the end of 2025 due to lack of exports
