Entreprise Generale du Cobalt, or EGC, is now the only entity allowed to export so-called artisanal cobalt, according to new regulations signed by the prime minister and mines minister on Feb. 21. At the same time, the government also imposed a 4-month suspension on cobalt exports of any kind, in a move that could cause prices to skyrocket.

The Democratic Republic of Congo, the world’s leading producer of cobalt, announced on Monday that it has temporarily halted exports of the metal due to an oversupply in the global market. ・The Democratic Republic of Congo has temporarily halted exports of cobalt due to oversupply in the global market.

Cobalt stocks rose in China on Tuesday as a surprise export ban in the Democratic Republic of Congo lifted the near-term outlook for the material used in alloys and batteries. Shares in Nanjing Hanrui Cobalt Co.

Congo, the top producer of the raw material, is suspending cobalt exports for four months in an attempt to rein in global oversupply. The government also said it will prepare additional measures to balance the market. The news has sent shockwaves through the industry as Congo’s cobalt production accounts for about three-quarters of world’s total.

The Democratic Republic of the Congo (DRC) has announced a four-month suspension of cobalt exports to regulate supply amid concerns of overproduction in the global market, authorities said Monday.

The Democratic Republic of Congo, the world's top producer of cobalt, said on Monday it has temporarily halted the metal's exports amid a production glut.

The Democratic Republic of Congo (DRC), the world’s largest producer of cobalt, has halted all exports of the key battery metal for four months in an effort to curb oversupply and stop prices from falling further.