Kinshasa: The Democratic Republic of the Congo has extended its temporary suspension of cobalt exports by an additional three months, citing persistent oversupply in the global market. The Authority for the Regulation and Control of Strategic Mineral Substances' Markets (ARECOMS) announced this decision on Saturday, stating that the extension was "due to the continued high level of stock on the market."

According to Anadolu Agency, ARECOMS plans to review the situation and issue a new decision before the end of the extended suspension. This could result in the measure being modified, prolonged, or lifted. The original four-month suspension, imposed on February 22, was aimed at stabilizing international cobalt prices, increasing transparency in the mineral's supply chain, and encouraging domestic refining and value-added processing.

The Democratic Republic of the Congo supplies more than 70% of the world's cobalt, which is a critical component in electric vehicle batteries and other high-tech applications. The extension of the export ban is expected to have significant implications for the global cobalt market and related industries.