Glencore exports first cobalt under Congo quotas

GLENCORE has completed the inaugural cobalt shipment under Democratic Republic of Congo’s new quota regime, dispatching a test consignment this week to trial the system, said Reuters citing government and trade sources.Congo approved Glencore’s cargo pending payment of a 10% royalty, signalling a return to exports following a months-long prohibition that drove prices sharply higher and constrained electric vehicle battery supply chains, the newswire said.The central African nation produces over 70% of global mined cobalt, estimated at approximately 280,000 tons annually. Authorities introduced quota restrictions on 16 October, allocating 18,125t for the fourth quarter whilst imposing a 96,600t annual ceiling from 2026.Glencore and China’s CMOC, the world’s largest cobalt producers, secured the biggest allocations at 3,925t and 6,650t respectively for the fourth quarter. Regulator ARECOMS retained 10% for strategic reserves.“We authorised the release of the first shipment by Glencore as a pilot process,” a government source told Reuters, noting quality assessments and final quantity determinations remain outstanding before royalty payment.CMOC’s Tenke Fungurume Mining has similarly initiated export procedures, the source added.Cobalt traders initially anticipated January shipments but now expect the first full-sized cargo by April, following delays caused by ambiguous compliance requirements.Congo’s mining lobby previously demanded urgent discussions over new rules mandating 48-hour royalty prepayments and compliance certificates before cargo release.The system requires exporters to notify authorities, prepare batches for sampling, and await laboratory certification before royalty calculations.Benchmark cobalt trades near $24 per pound ($52,900/t), substantially above February’s nine-year low of $10 when Congo announced the export suspension, said Reuters.The post Glencore exports first cobalt under Congo quotas appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com