CMOC-owned IXM declares force majeure on cobalt shipments from DRC due to export ban

From Yahoo Finance: 2025-07-01 07:16:00

CMOC-owned IXM declares force majeure on cobalt deliveries from DRC due to extended export ban, affecting global cobalt supply chain. DRC initially suspended cobalt exports in Feb 2025 to stabilize prices at $10 per lb, later extending the ban for three more months. CMOC projects 100,000-120,000t cobalt output in 2025.

CMOC’s Tenke Fungurume Mining and Kisanfu Mining sites in DRC are key suppliers for IXM, facing export challenges. CMOC records 170,574t copper output in Q1 2025, a 15.65% YoY increase, and 30,414t cobalt output, up 20.68% YoY. COMEX cobalt prices rise to near $16 per lb post-ban. Glencore and ERG also declare force majeure on cobalt deliveries.

Impact of DRC’s cobalt export ban reverberates across global markets, affecting major producers like CMOC, Glencore, and ERG. The ban aims to address oversupply issues and stabilize cobalt prices, prompting force majeure declarations. Prices on COMEX show recovery, nearing $16 per lb.



Read more at Yahoo Finance: IXM declares force majeure due to extended Congo cobalt export ban