Group 1: Cobalt Export Suspension and Market Impact - The cobalt export suspension from the Democratic Republic of Congo (DRC) will expire on October 15, having significantly impacted market prices, which have recovered over 60% since February [1] - The DRC, supplying over 70% of the world's cobalt, introduced the ban after prices fell to a nine-year low near $10 per pound in early 2025 due to oversupply and weaker demand from electric vehicle manufacturers [3] - Cobalt prices have rebounded sharply, with COMEX trading at around $16 per pound, and cobalt sulphate in China averaging $6,947 per ton in August, over 90% higher than at the start of the year [4] Group 2: New Quota-Based Export System - The DRC will replace the blanket ban with a quota-based system starting October 16, allowing miners to ship a maximum of 18,000 tons this year and 96,600 tons in each of 2026 and 2027 [2] - The DRC produced nearly 220,000 tons of cobalt in 2024, indicating a significant production capacity compared to the new quotas [2] Group 3: International Scrutiny and Political Context - The DRC's export strategy has drawn international scrutiny, with ongoing discussions about finalizing quotas among producers, complicated by the political situation and illegal mining funding rebel groups [6] - Glencore supports a quota system, while CMOC favors a full lifting of restrictions, highlighting differing interests among major producers [6] Group 4: Stockpiling and Strategic Moves - Both the US and China have been stockpiling cobalt, with China increasing reserves and the US Department of Defense securing 7,500 tons over five years to diversify supply sources [7] - The US Trade and Development Agency awarded funding for a feasibility study to expand the Kazozu copper-cobalt mine, potentially adding 25,000 tons of copper and cobalt concentrates annually [8] Group 5: Value of Cobalt in EV Batteries - The value of cobalt in electric vehicle batteries rose to $180 million in August, the highest since late 2022, with average cobalt content value per vehicle climbing back above $70, nearly double January levels [5]