Industrial Policy & Trade Monitor· 2663 actions· ✨ 89 recent

On 22 February 2025 the Authority for the Regulation and Control of Strategic Mineral Substance Markets (ARECOMS) of the Democratic Republic of the Congo issued Decision No. 001/ARECOMS/2025 imposing a four-month suspension of all cobalt exports — industrial and artisanal — in response to a multi-year cobalt price collapse driven by structural oversupply from CMOC's Tenke Fungurume and Kisanfu mines. The DRC accounts for roughly 70-76% of global mined cobalt, so the ban removed the dominant source of feedstock from the seaborne market. The ban was extended in late June 2025 by another three months, then on 10 October 2025 ARECOMS issued Decision No. 005/ARECOMS/2025 lifting the outright suspension and replacing it with a hard annual export quota: 18,125 t for the November-December 2025 transition window, then 96,600 t per year for 2026 and 2027. The annual ceiling consists of an 87,000 t "base quota" distributed pro-rata using each producer's January 2022 - December 2024 historical export volumes, plus a 9,600 t "strategic quota" allocated at ARECOMS' sole discretion to projects of national strategic importance. Allocations for Q4 2025 went disproportionately to the largest incumbents: CMOC received 6,500 t (Tenke Fungurume + Kisanfu), Glencore 3,925 t (Kamoto + Mutanda), and Eurasian Resources Group 2,125 t (Metalkol). CMOC's award is far below its ~115 kt 2024 production rate, structurally capping the world's top cobalt producer below 30% of its operating capacity. Exporters must obtain a Quota Verification Certificate (AVQ) from ARECOMS, submit to joint sampling, weighing, sealing and physical inspection by multiple government agencies, and prepay the 10% mining royalty within 48 hours of declaring origin and sale. ARECOMS reserves the right to revise quotas quarterly in case of "significant imbalance in the cobalt market," and explicitly retained discretion to re-set 2027 volumes. The measure is the EM resource-nationalism complement to Indonesia's nickel-ore ban template, applied to the single material where one country has the most concentrated global supply share.

Yacimientos de Litio Bolivianos (YLB), Bolivia's state lithium SOE, signed a USD 1.030bn services contract on 26 November 2024 with Hong Kong CBC Investment Ltd. (a CATL-CMOC-BRUNP consortium) to build and operate two direct-lithium-extraction (DLE) plants on the Salar de Uyuni — one rated at 10,000 t/yr and one at 25,000 t/yr lithium carbonate, for combined 35,000 t/yr nameplate capacity. Bolivia retains a 51% sovereign share through YLB; CBC supplies financing, EDL technology and offtake. The contract was transmitted to the Asamblea Legislativa Plurinacional and the Chamber of Deputies' Plural Economy, Production and Industry Commission approved it by majority in mid-2025 (Bill No. 197/2024-2025); full plenary ratification remained pending as of May 2026, with a parallel Colcha K mixed-court suspension order on FPIC (free, prior and informed consent) grounds.

On 9 May 2016 CMOC Group (China Molybdenum Co., HKG:3993 / SHA:603993) signed agreements to acquire Freeport-McMoRan's 56% stake in Tenke Fungurume Mining (TFM) in the Democratic Republic of the Congo for USD 2.65 billion, with additional financing from China Development Bank. A concurrent transaction acquired TF Holdings' 24% stake, bringing CMOC's total to 80% with Gécamines retaining 20%. The transaction closed on 16 November 2016 following regulatory approvals from the DRC Ministry of Mines, the US CFIUS (approved without conditions), and Chinese MOFCOM. Tenke Fungurume is the world's second-largest cobalt mine and fifth-largest copper mine, located in Lualaba Province. At the time of acquisition it produced approximately 16,000 tonnes of cobalt per year (hydroxide) and 180,000 tonnes of copper cathode, representing roughly 20% of global mined cobalt supply. CMOC subsequently expanded production to approximately 50,000 tonnes of cobalt per year by 2023-2024 through the Kisanfu (KFM) discovery development — bringing combined TFM+KFM output to ~115,000 tonnes of cobalt annually, or roughly 38% of DRC cobalt production and approximately 25% of global supply from a single operator. The acquisition was the largest Chinese overseas mining transaction of 2016 and established China's dominant structural position in the cobalt supply chain at the mine level — upstream of both DRC export controls (ARECOMS quota system, filed 2025-02-22) and Chinese processing/re-export controls on battery-grade cobalt compounds. CMOC is simultaneously the world's largest cobalt producer and an entity subject to Chinese government export licensing for the same materials — a concentration structure without precedent in critical minerals. The China Development Bank provided a $2.68 billion loan facility financing the majority of the acquisition, making this an explicit policy-bank-backed strategic asset purchase consistent with NDRC guidelines on overseas critical mineral investment priorities. Sinosure provided political-risk insurance cover on the DRC exposure.