Glencore PLC said Wednesday it expects a substantial portion of its cobalt output from the Democratic Republic of Congo to remain unsold through the end of 2025, following the government’s extended export suspension. The Swiss-based commodities group, which produces cobalt primarily for use in electric vehicle batteries, has been stockpiling volumes in-country but did not disclose quantities.
The DRC, the world’s largest cobalt producer, imposed a four-month export ban in February after cobalt prices reached a nine-year low, citing the need to stabilize global markets. In June, the government extended the ban by another three months to finalize new quota allocations among mining companies. The policy has restricted supply, potentially tightening inventories and supporting prices, Glencore noted in its first-half earnings report.
Despite the expected delay in shipments, the company indicated there would be no material impact on its financial results. Executives told analysts they were taking a conservative outlook and that any movement of stockpiled material would present upside. Earlier this year, Glencore declared force majeure on certain DRC cobalt contracts, according to sources familiar with the matter. 
The company’s cobalt production rose 19% year-on-year to 18,900 metric tons in the first half of 2025. Full-year output is projected at 42,000–45,000 tons, up from 38,200 tons in 2024. The export ban has not yet altered Glencore’s production guidance.
The export restrictions, while temporary, are reshaping short-term market dynamics in the cobalt sector. Glencore, the second-largest cobalt producer globally, continues to monitor developments as discussions over export quota allocation in the DRC progress.
