The Democratic Republic of Congo has extended by three months a ban on exports of cobalt with the intention of curbing the oversupply of the electric vehicle battery material. The Authority for the Regulation and Control of Strategic Mineral Substances Markets ARECOMS says that the worlds top cobalt supplier imposed a four-month suspension on exports in February after prices had hit a nine-year low at just 10 a pound. The ban was due to expire this Sunday. The decision has been taken to extend the temporary suspension due to the continued high level of stock on the market, ARECOMS said in a statement. ARECOMS is set to announce a subsequent decision to either modify, extend or terminate the suspension before the new three-month window closes in September. Reuters reported on Friday that Congolese authorities were considering extending the ban as they explored how to distribute quotas for shipments of cobalt among mining companies. A proposal to implement quotas has backing from miners, including Glencore, the worlds second-largest cobalt-producing company.
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