Lobito Corridor Copper and Cobalt Shipment Signals a New Export Route for the DRC

Entreprise Generale du Cobalt

The Lobito corridor copper and cobalt shipment marks a strategic milestone for the Democratic Republic of Congo. Entreprise Generale du Cobalt and Trafigura agreed the first delivery of copper and cobalt to international markets using the Lobito Atlantic Railway. Initial cargoes will go to customers in the United States. As a result, the Lobito corridor copper and cobalt shipment strengthens the US-DRC minerals partnership. 

This matters because the shipment is tied to traceable artisanal cobalt. EGC reported production of its first 1,000t of traceable artisanal cobalt in November. Trafigura already markets cobalt supplied by EGC under an existing agreement. Therefore, the Lobito corridor copper and cobalt shipment is not only a logistics story. It is also a supply-chain transparency story. 

The route itself is strategically important. The Lobito Atlantic Railway offers the shortest path from Kolwezi to an Atlantic port. Inland transit times can fall to about seven days. Consequently, DRC critical minerals exports could become faster and more visible to international buyers. 

Traceable Artisanal Cobalt Gives the Corridor More Strategic Value

Traceable artisanal cobalt gives this shipment a different significance from a normal export cargo. EGC is mandated by the Congolese state to buy cobalt from artisanal producers. That gives the company a central role in formalising part of the country’s cobalt trade. As a result, the Lobito corridor copper and cobalt shipment connects logistics reform with artisanal sector reform. 

Trafigura’s role also matters. The trader signed a five-year supply agreement with EGC in 2020. That deal included funding for controlled artisanal mining zones, ore buying stations, and traceability systems aligned with OECD standards. Therefore, this first shipment reflects years of work on controlled sourcing rather than a one-off transaction. 

The wider objective is clear. The partnership aims to formalise artisanal mining, improve transparency, and eliminate child labour. Those goals matter to western buyers seeking more credible cobalt supply. Meanwhile, the new route may make traceable material more commercially attractive by improving export efficiency. 

DRC Critical Minerals Exports Gain a Faster Atlantic Route

DRC critical minerals exports have long faced costly and slow logistics. The Lobito corridor changes that equation by linking the Copperbelt more directly to the Atlantic. The railway runs from Lobito in Angola to the DRC border, with an extension into the Copperbelt. As a result, the Lobito corridor copper and cobalt shipment may become a model for wider export diversification. 

The infrastructure backing is also important. The Lar consortium recently secured $753mn in debt financing to support rehabilitation and expansion. That level of support shows that the route is being treated as a strategic trade corridor, not just a regional rail asset. Therefore, DRC critical minerals exports could gain a more durable logistics platform. 

This development also aligns with broader western policy. Initial cargoes are heading to US customers under the US-DRC strategic partnership on critical minerals. That makes the corridor part of a bigger effort to diversify metal flows away from more concentrated supply routes. Consequently, the Lobito corridor copper and cobalt shipment carries geopolitical meaning as well as commercial value. 

The Metalnomist Commentary

This shipment matters because it brings together three themes at once: traceability, logistics, and geopolitics. The DRC is not only trying to export more cobalt and copper. It is trying to export them through routes and systems that western buyers can trust. If Lobito keeps scaling, it could become one of the most important critical minerals corridors outside the traditional China-linked trade flow. 

Lobito Rail Corridor Resumes DRC Copper Freight After Flood Disruption

Lobito Atlantic Railway

Lobito rail corridor freight has resumed for copper shipments from the Democratic Republic of Congo after repairs reopened a flood-damaged section of railway in Angola. The restart restores a key Atlantic export route for central African copper and cobalt.

Lobito rail corridor operations were interrupted for around two months after severe flooding damaged infrastructure between Lobito and Huambo in April. Emergency repairs have now restored safe rail operations across the affected section.

Lobito rail corridor is strategically important because it gives DRC and potentially Zambian producers a westbound alternative to longer export routes through southern and eastern Africa.

The first international copper train since the reopening marks the return of mineral freight to a route that is becoming increasingly important to western critical minerals strategy.

Atlantic Route Diversifies Copper and Cobalt Logistics

The Lobito corridor links the central African copperbelt with Angola's Atlantic coast, giving miners another route to global markets.

The DRC is one of the world's most important copper and cobalt producers, but its landlocked position makes logistics a critical part of supply security.

Traditional export routes depend heavily on road and rail corridors stretching toward southern and eastern African ports. Congestion, border delays and infrastructure failures can increase transport times and costs.

Lobito offers a shorter western outlet for some producers and reduces dependence on individual transport corridors.

LAR maintained part of the network during the disruption. Rail services continued between Huambo and Luau, while freight was transferred between road and rail through a multimodal contingency system to bypass the damaged section.

That continuity helped limit the impact of the outage, but the disruption still demonstrated how transport bottlenecks can affect mineral availability even when mine production remains unchanged.

Climate Resilience Becomes a Critical Minerals Issue

The flood damage highlights an emerging risk for mining supply chains: physical infrastructure must withstand increasingly severe weather events.

Railways carrying copper and cobalt through remote regions depend on bridges, embankments, drainage systems and other assets that can take significant time to repair after flooding.

LAR is now moving into a second recovery phase focused on engineering studies and measures to improve the railway's resilience.

This matters because future volumes through Lobito are expected to grow as governments and mining companies seek more diversified critical mineral routes.

The corridor is also strategically important to western countries seeking alternative supply chains for copper, cobalt and battery materials.

Reliable logistics could therefore become as important as new mine capacity. Strong copper prices and tightening concentrate markets mean transport disruptions can quickly add regional supply pressure.

If Lobito can maintain higher throughput and withstand future weather events, it could become one of the most important logistics links connecting African mineral production with Atlantic markets.

The Metalnomist Commentary

The Lobito restart shows that critical minerals security depends on transport infrastructure as much as mining capacity. The corridor's long-term value will be determined by whether it can deliver reliable copper and cobalt flows despite climate, congestion and geopolitical risks.

Angola’s Lobito Port Sends First Copper Shipment from DRC to the U.S.

Angola’s Lobito port has dispatched its inaugural shipment of copper from the Democratic Republic of the Congo (DRC) to the United States this week, marking a significant milestone for the Lobito Atlantic Railway (LAR). This shipment follows earlier exports to ports in Europe and Southeast Asia since LAR took control of the concession in January, global trading firm Trafigura, a joint venture partner in the LAR, announced today.

The cargo of copper cathodes, destined for Baltimore, left Kolwezi— the DRC’s copper mining hub— and arrived in Lobito on August 19, just six days after being dispatched by train via the LAR. This efficient transit time highlights the strategic potential of this western route for transporting minerals and metals from the resource-rich Congolese copperbelt, Trafigura noted.

The LAR, a 1,300-kilometer trading corridor, connects the Atlantic coast of Angola with Africa’s copperbelt, a region abundant in copper and cobalt reserves. This new route offers a vital alternative to the previously underdeveloped road networks, facilitating more reliable access to global markets for these essential minerals.

The Lobito railway is the product of a $450 million joint venture involving Trafigura, Portuguese infrastructure firm Mota-Engil, and South African rail operator Vecturis. While this development represents a significant step forward, some traders have raised concerns about the long-term viability of the route, citing challenges related to maintenance and the port’s capacity to handle large volumes of freight.

Trafigura has been exporting copper and cobalt from the DRC to ports on the Indian Ocean, such as Durban in South Africa and Beira in Mozambique, but the successful use of the Lobito route to reach the Atlantic marks a new chapter in the company's logistical capabilities.

Kamoa-Kakula Low-Carbon Copper Anode Sale Opens a New Africa-Europe Trade Route

Aurubis

Kamoa-Kakula low-carbon copper anode sale marks a new step in global copper trade. Trafigura completed the first commercial sale of low-carbon copper anodes from the Kamoa-Kakula complex to Aurubis in Europe. The shipment moved through Kolwezi and into the Lobito corridor for export. As a result, Kamoa-Kakula low-carbon copper anode sale is linking African smelting growth with European demand for cleaner copper units.

This matters because the anodes come from the recently commissioned Kamoa-Kakula smelter. The plant uses direct-to-blister processing to improve energy efficiency and reduce emissions. That gives the material a stronger environmental profile than conventional supply. Therefore, Kamoa-Kakula low-carbon copper anode sale reflects both logistics progress and lower-carbon processing capability.

Lobito Corridor Copper Exports Gain Strategic Importance

Lobito corridor copper exports are becoming more important as central African mining expands. The route offers the shortest connection from the DRC copperbelt to the Atlantic coast. Inland transit times can fall to around seven days. As a result, Lobito corridor copper exports can improve speed, transparency, and export flexibility.

The shipment also reinforces the corridor’s wider industrial role. The rail line already carried more than 200,000t of cargo in 2025. It aims to move 300,000t of copper in 2026 as regional output rises. Meanwhile, earlier copper and cobalt deliveries through the same route already showed its growing strategic value.

Aurubis Copper Feedstock Demand Supports Cleaner Supply Chains

Aurubis copper feedstock demand is helping shape the next phase of low-carbon copper trade. European refiners increasingly want material aligned with emissions reduction goals. Cleaner feedstock matters more as electrification and renewable energy investment expand. Consequently, Kamoa-Kakula low-carbon copper anode sale fits a wider shift in industrial buying patterns.

The scale potential is also significant. Once fully ramped up, the Kamoa-Kakula smelter can produce up to 500,000 t/yr of 99.7pc copper anode. That would make it Africa’s largest smelting facility. Therefore, the project could influence not only regional trade routes, but also global low-carbon copper supply.

The Metalnomist Commentary

This transaction matters because it combines three powerful themes in one move: cleaner copper, new logistics, and rising African smelting capacity. The most important point is not the first shipment alone. It is that Kamoa-Kakula and the Lobito corridor together could reshape how lower-carbon copper reaches Europe.

Kamoa-Kakula Sulphuric Acid Output Turns Copperbelt Squeeze Into Margin Support

Ivanhoe

Kamoa-Kakula sulphuric acid production has become a major earnings support for Ivanhoe Mines as tight acid availability across the African Copperbelt lifts by-product revenue. The company’s new direct-to-blister smelter in the Democratic Republic of Congo is turning a regional supply constraint into a margin advantage.

Kamoa-Kakula sulphuric acid output reached 117,871t in the first quarter. Ivanhoe sold 107,700t to six offtakers at an average realised price of $467/t.

Kamoa-Kakula sulphuric acid pricing is now moving higher. Ivanhoe recently signed a June delivery contract at $725/t and plans to re-tender and reprice remaining contracts by the end of the quarter.

The shift is strategically important because many copper producers in the DRC and Zambia consume sulphuric acid for leaching. Kamoa-Kakula, by contrast, produces acid as a by-product, giving Ivanhoe a natural hedge against the same squeeze hurting regional competitors.

Acid Credits Change the Kamoa-Kakula Cost Structure

Sulphuric acid has become one of the hidden drivers of Copperbelt copper economics. The DRC and Zambia rely heavily on acid for solvent extraction and leaching operations, and supply has tightened because of Middle East sulphur disruption, Zambian acid export controls and smelter maintenance in the region.

Ivanhoe said around 80% of sulphur imported into Africa moves through the Strait of Hormuz. That makes the Copperbelt highly exposed to disruption in Middle Eastern sulphur flows.

The Kamoa-Kakula smelter changes Ivanhoe’s exposure. Instead of paying higher acid costs, the operation is selling acid into a tight regional market.

Smelter operating costs averaged $0.27/lb in the first quarter. Sulphuric acid by-product credits more than offset that cost at $0.32/lb.

This cost structure helped lower Kamoa-Kakula’s cash cost to $2.58/lb from $2.99/lb in the previous quarter. The result was slightly below the lower end of Ivanhoe’s 2026 guidance range of $2.60-3.00/lb.

The smelter also reduced logistics costs. Kamoa-Kakula exported 99.7% pure copper anodes instead of 35-40% copper concentrate, cutting logistics costs to $0.22/lb from $0.70/lb in the fourth quarter.

That shift matters because the smelter moves Ivanhoe further down the value chain. Higher-grade exported material reduces transport intensity, lowers logistics exposure and improves revenue capture.

Kamoa-Kakula generated revenue of $862mn, operating profit of $221mn and Ebitda of $397mn in the quarter. That represented an Ebitda margin of 46%.

However, Ivanhoe’s group results were still weaker. Adjusted Ebitda fell to $191mn from $226mn a year earlier, while the company reported a $2mn quarterly loss compared with a $122mn profit a year earlier.

The loss mainly reflected Ivanhoe’s $42mn share of loss from Kamoa Holding after Kamoa-Kakula booked a $183mn tax adjustment to settle DRC tax claims from previous years. This means the headline loss should be separated from the operational value of the smelter and acid credits.

Smelter Ramp-Up Links Copper Recovery to Regional Supply Strategy

Kamoa-Kakula’s copper output remains affected by disruption from last year’s seismic activity. The operation produced 61,906t of copper in concentrate in the first quarter, down from 133,120t a year earlier.

Contained copper in blister and anode totalled 71,417t. This included 63,671t from the on-site smelter and 7,746t from the Lualaba Copper Smelter in Kolwezi.

Ivanhoe maintained Kamoa-Kakula’s 2026 guidance at 290,000-330,000t of contained copper in anode or blister. Its 2027 guidance remains at 380,000-420,000t.

The company still expects production to return to more than 500,000 t/yr from 2028, with a target cash cost below $2/lb. Reaching that level will depend on mine recovery, smelter utilisation, power stability and logistics performance.

The smelter is currently operating at around 60% of design capacity. It is producing acid at about 1,350 t/d, but further ramp-up is constrained by concentrate availability.

Ivanhoe is assessing purchases and toll treatment of local third-party copper concentrates to raise smelter utilisation and improve margins. This could make Kamoa-Kakula more important to the regional concentrate market.

That point matters globally. Chinese smelters continue to face negative treatment charges, showing how tight copper concentrate supply has become. If Kamoa-Kakula becomes a larger third-party treatment option, it could offer an alternative regional route for selected Copperbelt concentrates.

Logistics are also changing. The first shipment of Kamoa-Kakula anodes moved through the Lobito railway corridor during the quarter and reached the Atlantic port of Lobito before shipment to Europe for refining.

Ivanhoe said the Lobito rail route takes around seven days from the DRC Copperbelt to the port. That compares with more than three weeks by truck to Durban or Dar es Salaam.

Flood damage in Angola temporarily halted Lobito shipments, but movements are expected to resume later this month. If reliable, the corridor could become a major strategic route for Central African copper exports.

Energy remains another critical variable. Ivanhoe has secured five months of diesel supply to protect operations from global supply-chain disruption.

The company is also developing a 60MW solar and battery storage project expected to deliver baseload power to Kamoa-Kakula from early in the third quarter. It plans to double on-site solar capacity to 120MW by the end of 2027.

These steps show that Kamoa-Kakula is no longer only a copper mine story. The asset now combines mining, smelting, acid supply, anode exports, rail logistics and on-site power strategy.

That integrated model gives Ivanhoe a stronger position in a region where other copper producers are exposed to acid shortages, sulphur disruption, diesel risk and long trucking routes.

The Metalnomist Commentary

Ivanhoe’s smelter has turned Kamoa-Kakula into a more strategic Copperbelt asset, not just a high-grade copper producer. In a market where acid, logistics and power can decide margins, the operation’s by-product and infrastructure advantages may become as important as its copper grade.

Kamoa Kakula Copper Guidance Cut Highlights DRC Supply Recovery Risk

Kamoa Kakula

Kamoa Kakula copper guidance has been lowered for 2026 after seismic shocks forced Ivanhoe Mines to drain and rebuild parts of the complex in the Democratic Republic of Congo. The Canadian miner now expects the asset to produce 290,000–330,000t of copper in 2026, down from its previous target of 380,000–420,000t.

The cut also affects the medium-term outlook. Ivanhoe’s 2027 target of 380,000–420,000t remains below the mine’s pre-shutdown guidance of 500,000–540,000t, although the company still expects output to exceed 500,000 t/yr from 2028.

Kamoa Kakula copper guidance matters because the project is one of the most important growth assets in the global copper pipeline. Any slower recovery from the complex affects expectations for DRC copper supply at a time when electrification, grid investment and industrial demand continue to support long-term copper consumption.

Seismic Damage Raises Costs and Delays Copper Recovery

Ivanhoe’s revised guidance shows how quickly geotechnical risk can affect large underground copper operations. The need to drain and rebuild the mine has delayed the return to earlier production targets and increased the cost of the recovery path.

Kamoa Kakula’s cash costs are now expected at $2.60–$3.00/lb this year and $2.10–$2.50/lb in 2027. That is higher than earlier expectations of around $2/lb, reflecting the combined impact of disruption, rebuilding work and inflation across key inputs.

The wider DRC copper belt remains one of the fastest-growing copper regions in the world. The country lifted output by 10% to 3.4mn t last year, but rapid growth still depends on reliable acid supply, power, transport and mine-site execution.

Sulphuric Acid and Lobito Rail Shape DRC Copper Economics

Sulphur and sulphuric acid costs remain a major pressure point for DRC copper producers. A squeeze in Middle East sulphur flows pushed delivered sulphur prices close to $900/t into Kolwezi, increasing acid costs for leaching operations.

Ivanhoe’s new smelter could reduce some of this exposure. The smelter began producing anodes and sulphuric acid late last year and could add up to 700,000 t/yr of acid once it reaches steady operation.

Transport capacity is another constraint. The first low-carbon anodes moved out of Kamoa Kakula through the Lobito corridor in February, but available rail freight still falls short of the complex’s full logistics needs.

These bottlenecks show that DRC copper growth depends on more than orebody quality. Acid integration, rail access and underground transport capacity will decide how quickly Kamoa Kakula can return to higher output.

The Metalnomist Commentary

Ivanhoe’s guidance cut shows that the copper market cannot treat DRC growth as risk-free supply. Kamoa Kakula remains a world-class asset, but seismic recovery, acid costs and logistics will determine how fast its tonnes return to market.

ReElement and Pensana Secure Rare Earth Partnership

ReElement Technologies

Strategic REE Offtake Agreement

US-based ReElement Technologies and UK mine developer Pensana have signed an offtake agreement for rare earth element (REE) supply. The deal covers up to 20,000 t/yr of mixed rare earth carbonate (MREC) from Pensana’s Longonjo mine in Angola, over five years. The agreement will integrate ReElement’s refining platform to produce ultra-pure separated rare earth oxides for advanced applications.

Longonjo Mine Development and Global Reach

Pensana has invested over $70mn in the Longonjo project, which contains 139,457t of neodymium-praseodymium oxide. The mine will be developed in two phases, each targeting 20,000 t/yr of MREC output. With this offtake agreement, Pensana has secured buyers for its entire planned production, including prior commitments to Toyota Tsusho. Both companies will leverage the Lobito Corridor in Angola to reduce logistics costs and enhance global market access.

The Metalnomist Commentary

This agreement highlights how Western firms are securing critical rare earth supply chains outside China. By linking Longonjo’s resources with ReElement’s refining capabilities, the partnership strengthens diversification efforts in rare earth processing. The use of Angola’s Lobito Corridor also underscores the importance of logistics infrastructure in securing reliable global exports.

Pensana Angola Refinery Construction Begins at $325 Million Longonjo Project

Pensana Angola

Pensana Angola refinery construction commenced at the Longonjo rare earth project, marking a significant milestone in diversifying global critical minerals supply chains. The UK-based company's Pensana Angola refinery represents a $325 million investment targeting 20,000 tonnes annually of mixed rare earth carbonate (MREC) production, directly challenging China's dominance in rare earth processing and magnet material supply chains.

Comprehensive Infrastructure Development Supports Integrated Operations

Pensana Angola refinery infrastructure encompasses extensive facilities including open pit mining, concentrator and recovery plants, tailings storage, and bulk power supply systems. The integrated operation will extract, concentrate, calcine, and chemically refine free dig material to produce MREC for export through Lobito port. Construction and commissioning timelines span approximately 22 months with potential second phase expansion to 40,000 tonnes annually.

Meanwhile, the expanded capacity would represent roughly 5% of global production suitable for permanent magnet conversion in electric vehicles and offshore wind applications. Industry projections indicate neodymium-praseodymium (NdPr) metal demand growth of 7.5% compound annual rate over the next decade. This growth trajectory reflects accelerating clean energy transitions and automotive electrification requiring reliable rare earth supplies outside Chinese control.

Strategic Financing Structure Ensures Project Viability

However, Pensana secured comprehensive financing totaling $268 million through diversified international and regional partners. The Africa Finance Corporation approved $81.2 million within a $160 million syndicated loan facility alongside South Africa's Absa Bank in March. Angola's sovereign wealth fund FSDEA provided $25 million construction investment plus previous $15 million bridging loans and $38 million equity/convertible loan arrangements.

Therefore, the project operates through Pensana's 84% subsidiary Ozango Minerais, with FSDEA holding 10% ownership and other investors comprising the remainder. This ownership structure demonstrates successful public-private partnership models for critical minerals development in Africa. The sovereign wealth fund participation ensures Angolan government alignment with project success and local economic benefits.

Downstream Integration Targets European Market Penetration

Furthermore, Pensana established preliminary agreements for 100% of stage 1 production while engaging major automakers including JLR, Volvo, Mercedes, Ford, BMW, Tesla, and Stellantis for magnet supply chain partnerships. The company plans integrated downstream operations with UK-based separation plants at Saltend Chemicals Park producing 12,500 tonnes rare earth oxide and 4,400 tonnes NdPr oxide annually.

As a result, the proposed Yorkshire Energy Park metallization facility would generate 4,000 tonnes NdPr alloy annually, supporting European electric vehicle and renewable energy sectors. Pensana explores additional magnet manufacturing partnerships with Japanese companies, creating comprehensive rare earth value chains from Angolan mining through European processing and magnet production.

The Metalnomist Commentary

Pensana's Angola refinery construction represents a strategic breakthrough in Western efforts to establish alternative rare earth supply chains independent of Chinese dominance, particularly crucial as global demand for permanent magnet materials accelerates through clean energy transitions. The integrated approach from African mining through European processing demonstrates how allied nations can collaborate to secure critical minerals access while supporting local economic development in resource-rich regions.

DRC Cobalt Supply Dynamics Shift as US-China Competition Deepens

DRC Cobalt

DRC cobalt supply dynamics are changing as geopolitical competition reshapes control over the country’s mineral flows. The Democratic Republic of Congo produced around 205,000t of cobalt in 2025. Chinese companies accounted for about 63pc of that output. As a result, DRC cobalt supply dynamics now sit at the center of a wider US-China critical minerals contest.

This shift matters because the DRC remains the world’s most important cobalt feedstock source. For years, most Congolese cobalt moved toward Chinese refiners and battery material producers. That pattern is now facing pressure from export controls, quota systems, and new western-backed supply initiatives. Therefore, DRC cobalt supply dynamics are no longer defined by mining alone.

The policy environment is also changing quickly. The DRC suspended cobalt feedstock exports in 2025 before moving to a quota system for 2026 and 2027. Only 96,600 t/yr of cobalt feedstock will be authorized for export under the new structure. Consequently, DRC cobalt exports are becoming more managed and more strategic.

US-DRC Critical Minerals Partnership Is Challenging China’s Dominance

The US-DRC critical minerals partnership is beginning to challenge China’s dominant position in the sector. The proposed Orion investment in Glencore’s Kamoto and Mutanda mines could give the US-backed group direct board access and more influence over metal flows. That would create a new route for western buyers. As a result, DRC cobalt supply dynamics may become less concentrated around China.

Other moves reinforce that trend. Project Vault, the planned US critical minerals stockpile, shows Washington wants more control over future cobalt supply. The first EGC and Trafigura copper-cobalt cargoes through the Lobito corridor are also heading to US customers. Therefore, the US-DRC critical minerals partnership is now moving from policy language to physical supply.

This does not mean China is losing its position overnight. Around 90pc of DRC cobalt feedstock has typically been shipped to China. Chinese miners and traders still hold enormous influence across the country’s output base. Meanwhile, the new quota system still leaves Chinese firms with a large share of the authorized export volume.

DRC Cobalt Exports Could Tighten Further as Processing Competition Rises

DRC cobalt exports may tighten further because the new quota system limits available material while demand for non-Chinese supply grows. Feedstock availability was already restricted by the earlier export suspension. That tightness now meets new competition from western stockpiling and rerouting efforts. Consequently, DRC cobalt supply dynamics could become more constrained in 2026.

Indonesia adds another layer to the story. Cobalt output growth there may slow if nickel ore quotas are cut, because Indonesian cobalt is a by-product of nickel. Recycled cobalt and mixed hydroxide precipitate supply are also unlikely to fully close the gap. Therefore, global cobalt feedstock availability may stay tighter than many buyers expect.

China is also preparing its response. The removal of export rebates for ternary cathode materials and precursors suggests Beijing may increasingly favor domestic value retention. If feedstock tightens further, China may prioritize its own battery chain over overseas buyers. As a result, DRC cobalt exports are becoming part of a broader competition over who controls refined materials, not just mine output.

The Metalnomist Commentary

The cobalt market is entering a more political phase. The DRC is still the core supplier, but the direction of its exports is becoming more contested. If quotas remain tight and western buyers gain more access, cobalt may become less about volume growth and more about strategic allocation.