DRC Cobalt Exports Surge 40% as EV Demand Accelerates

The Democratic Republic of Congo has recorded a 40% year-over-year increase in cobalt exports, cementing its position as the world's dominant supplier of the critical battery metal essential for the global electric vehicle transition.

According to the Central Bank of Congo, cobalt export revenues reached $8.2 billion in the first half of 2026, up from $5.9 billion during the same period last year. The surge is driven by unprecedented demand from EV manufacturers in China, Europe, and North America.

Production Expansion

Major mining operations including Glencore's Mutanda mine, CMOC's Tenke Fungurume, and Ivanhoe Mines' Kamoa-Kakula complex have all ramped up production. Combined, these three operations now account for 60% of global cobalt supply.

"The DRC is the Saudi Arabia of cobalt," said Albert Yuma Mulimbi, Chairman of the DRC's state mining company Gécamines. "We are working to ensure that this resource wealth translates into real development for our people."

Price Dynamics

Cobalt prices on the London Metal Exchange have stabilized around $35,000 per tonne after the volatile swings of 2023-2024. Long-term supply contracts signed by Tesla, BYD, and Volkswagen have provided price certainty that encourages further investment.

The DRC government has introduced a new sliding-scale royalty system that increases state revenue during periods of high prices while maintaining competitiveness. The reform is expected to generate an additional $1.5 billion annually for public finances.

Artisanal Mining Concerns

Despite the commercial success, concerns persist about artisanal and small-scale mining (ASM) operations that employ an estimated 200,000 Congolese workers. International pressure for ethical sourcing has led to the expansion of the Fair Cobalt Alliance, which now certifies 15% of ASM production.

"Traceability is improving, but we need to move faster," said Emmanuel Umpula, Executive Director of the Congolese NGO AFREWATCH. "Every smartphone and EV battery should come with a guarantee that no child was involved in producing its cobalt."

Downstream Processing

The DRC is pushing aggressively into downstream processing to capture more value from its cobalt. A new battery precursor plant in Kolwezi, developed in partnership with Chinese firm Huayou Cobalt, began operations in March 2026.

The $800 million facility produces cobalt sulfate for battery cathodes, adding approximately $8,000 in value per tonne of cobalt compared to raw ore exports. Two additional processing plants are under construction in Lubumbashi and Likasi.