CMOC’s IXM declares force majeure on cobalt deliveries from Congo

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CMOC’s IXM declares force majeure on cobalt deliveries from Congo

4:29 CAT | 30 Jun 2025

FILE - An employee of Chinese company CMOC demonstrates cobalt hydroxide produced at Tenke Fungurume Mine, one of the largest copper and cobalt mines in the world, in southeastern Democratic Republic of Congo, on June 17, 2023.[File photo: Emmet Livingstone / AFP]

IXM, owned by China’s CMOC Group, has declared force majeure, opens new tab on deliveries of cobalt produced in the Democratic Republic of Congo after the country extended its ban of exports of the battery material, the commodity trader said on LinkedIn.

Congo introduced a four-month suspension of all cobalt exports in February to curb oversupply and support prices that were near nine-year lows around $10 per lb.

Last week the world’s largest cobalt-producing country extended the suspension for another three months and said it expected to either modify, extend or terminate the suspension before the new three-month window closes in September.

CMOC, the world’s largest cobalt-producing company, expects output of between 100,000 and 120,000 metric tons of cobalt this year at its Tenke Fungurume Mining (TFM) and Kisanfu Mining (KFM) copper and cobalt mines in Congo. That compares with 114,000 tons last year and 56,000 tons in 2023.

TFM and KFM supply Swiss-based IXM, which said on LinkedIn that the exports ban has “rendered it legally and practically impossible for IXM’s suppliers … to export cobalt products from the DRC”.

Cobalt prices on COMEX have recovered since February and currently stand near $16 per lb.

London-listed Glencore (GLEN.L), opens new tab and Eurasian Resources Group (ERG) declared force majeure on some deliveries of cobalt after the export ban was introduced in February.

Source: Reuters