IXM cobalt force majeure highlights DRC export ban risks

IXM cobalt

Switzerland-based IXM has declared force majeure on its cobalt deliveries from the Democratic Republic of Congo (DRC). The announcement follows the DRC government’s decision to extend its cobalt export ban until September. This IXM cobalt force majeure underscores the rising risks in global cobalt supply chains.

Export ban pressures cobalt markets

The DRC cobalt export ban, first enacted in February, was designed to stabilize prices amid oversupply. However, its extension has made it “legally and practically impossible” for IXM suppliers, including Tenke Fungurume Mining and Kisanfu Mining, to ship material. IXM, owned by China Molybdenum (CMOC), said it could no longer meet customer obligations. As a result, no forward deliveries are guaranteed.

Market uncertainty and supply chain risks

The IXM cobalt force majeure does not halt mining production but blocks exports, which could lead to significant stockpiling inside the DRC. Market participants warn that inventories of intermediate products could be exhausted by March if the ban continues. CMOC, the world’s largest cobalt producer, aims to deliver 100,000–120,000t of cobalt this year, but much of it may never reach international buyers.

IXM global head of refined metal Tom Mackay called for “responsibility and certainty” in addressing the ban, reflecting industry frustration over the lack of clarity. The IXM cobalt force majeure highlights the vulnerability of downstream industries — from EV battery makers to aerospace suppliers — to geopolitical and regulatory shocks in the DRC, which controls the bulk of global cobalt output.

The Metalnomist Commentary

The IXM cobalt force majeure represents a structural stress point in critical minerals supply chains. With the DRC holding overwhelming cobalt dominance, the extension of its export ban will likely intensify calls for diversification of supply sources and acceleration of recycling projects in North America, Europe, and Asia.