KINSHASA, Feb 24 (Reuters) - The Democratic Republic of
Congo, the world's top producer of cobalt, said on Monday it has
temporarily halted the metal's exports to limit its flow on the
market because it says it is over-supplied.
The ban will be in place for at least four months, the
Authority for the Regulation and Control of Strategic Mineral
Substances' Markets, or ARECOMS, said in a statement.
"This measure is intended to regulate supply on the
international market, which is faced with a production glut,"
ARECOMS President Patrick Luabeya said in the statement.
To enforce and ensure that mining companies comply with the
ban, ARECOMS issued a decree, seen by Reuters. The decree was
signed by ARECOMS' Luabeya and co-signed by Mines Minister
Kizito Pakabomba.
The export ban of cobalt -- a key component in batteries
for electric vehicles and mobile phones -- is effective February
22 and could either be adjusted or terminated after three
months, he said.
News of the temporary metal exports ban was earlier reported
by Bloomberg News.
China's CMOC Group, the world's biggest cobalt
miner, last year more than doubled its output of the metal to
about 114,000 metric tons from about 56,000 tons, as it boosts
copper production at its two mines in Congo.
CMOC did not immediately respond to emailed questions.
Eurasian Resources Group, another big Congo cobalt producer,
also did not immediately respond to emailed questions while
Glencore declined to comment.
The agency said the ban is for all cobalt produced in the
country, including by small scale or artisanal miners.
As well as mining cobalt, Congo is also the world's
second-biggest copper producer.