Last February, the Democratic Republic of Congo (DRC) introduced a four-month ban on cobalt exports. The ban is currently being reviewed, according to the Congolese Minister of Mines, Kizito Pakabomba. The official made the statement on May 14, in Singapore, at the Cobalt Congress 2025. 

When the ban was issued, the Autorité de Régulation et de Contrôle des Marchés des Substances Minérales Stratégiques (Arecoms) had indicated that an assessment would be conducted three months after the measure took effect. Depending on the results, the measure could be adapted or lifted.

While the ban is set to expire in a month, Kinshasa remains vague about its intentions. At the Council of Ministers meeting on March 14, Prime Minister Judith Suminwa Tuluka presented the introduction of quotas as the next step in a plan to “stabilize” the cobalt market.

However, the volumes involved and the terms of application have yet to be specified. There is also no update on the DRC’s progress on its cooperation project with Indonesia, the world’s second-largest cobalt producer with a 9.66% market share. “The officials concerned by these actions were called upon to implement them with celerity and efficiency,” minutes of the May 14 Council read.

A few weeks after the Council of Ministers, President Félix Tshisekedi mentioned the possibility of extending the ban. The leader also mentioned “new strategies to ensure market balance and lay the foundations for sustainable local industrialization,” without providing further details.

As the world’s leading producer, with over 70% of global supply, the DRC has a major influence on the market, both in terms of supply and prices. It banned exports amid falling prices, caused by overproduction in Congolese and Indonesian mines.

Since the ban was imposed, prices have soared by over 50%. Between the reduction in producers’ external stocks and uncertainties over Congolese decisions, the price of cobalt on the London Metal Exchange (LME) has risen from $21,000 per tonne at the end of February to over $33,000 in mid-May.

However, any indication of a massive return of Congolese cobalt to the market could cause prices to fall again, especially as the country’s two main producers, China’s CMOC and Switzerland’s Glencore, have not announced any suspension of production. Whether it is a matter of quotas, an extension of the embargo, or other measures, all eyes will remain on Kinshasa until June 22, when the current decision expires.

This article was initially published in French by Pierre Mukoko (Ecofin Agency)

Edited in English by Ola Schad Akinocho

Benjamin Katabuka is KoBold Metals’ new key figure in the complex contest over the Manono deposit in the Democratic Republic of Congo (DRC). At the end of March 2025, the lawyer was appointed Country Managing Director of the US mining junior, backed by billionaires Bill Gates and Jeff Bezos, despite the company having no active operations in the country to date.

KoBold plans to apply for copper and cobalt exploration permits but has been focused since January on bidding for rights to the Manono lithium deposit, regarded as having “the potential to become a large-scale, long-life lithium mine.” It appears this will be the arena where Benjamin Katabuka must first prove his mettle.

The Manono lithium deposit lies at the center of a dispute involving Australian company AVZ Minerals and the Congolese state-owned Cominière, partnered with Chinese firm Zijin Mining, currently before arbitration tribunals. AVZ claims it was unfairly excluded and maintains rights to the site.

KoBold’s offer proposes to resolve the dispute by providing AVZ “appropriate compensation” in exchange for relinquishing its claims to Manono. Both companies have announced a framework agreement for “AVZ to assign its business interests in the Manono lithium deposit to KoBold, at fair value.”

The remaining challenge is persuading Congolese authorities to endorse this arrangement, amid interest from major players like Rio Tinto. To navigate this, KoBold has placed its trust in Benjamin Katabuka, whose blend of international legal expertise and practical experience in the Congolese mining sector positions him well.

A lawyer by training, Katabuka holds degrees from the universities of Neuchâtel, Geneva, and Pennsylvania, and is a member of the New York Bar. His career spans North America, Europe, and Africa. After consulting in Geneva, he established himself as a leading figure in the Congolese extractive industry with over a decade of experience.

From 2022 until his appointment at KoBold, Katabuka served as Managing Director of C. Steinweg Bridge in the DRC, a South African subsidiary of the Dutch logistics group C. Steinweg Group provides import-export services in the DRC. Before that, Katabuka worked for Freeport-McMoRan in Kinshasa, the American group that operated the Tenke Fungurume copper-cobalt mine and developed the Kisanfu project before selling them to China’s CMOC.

This article was initially published in French by Boaz Kabeya (intern)

Edited in English by Ola Schad Akinocho

Global demand for cobalt should grow faster than supply in the coming years, shifting the market from a surplus in 2024 to a deficit by the early 2030s. The Cobalt Institute disclosed the forecast in its annual report published on May 14, 2025.

The source, Cobalt Market Report 2024, forecasts an average annual growth in global demand of 7% by the decade’s end, reaching 400,000 tonnes by the early 2030s. This growth will be driven primarily by the rapid expansion of the electric battery sector.

Meanwhile, global supply is expected to grow at an average annual rate of only 5% between now and 2030. The Democratic Republic of Congo (DRC), which accounted for 76% of primary supply in 2024, will see its share fall to 65%, while Indonesia’s share is expected to rise from 12% to 22% due to a rapid increase in production.

In the short term, market trends will largely depend on the strategy adopted by the DRC, particularly following the four-month ban on cobalt exports imposed in February 2025 to boost prices. This measure could be extended, but Kinshasa has not clarified its intentions. On March 14, the government announced plans to set export quotas and to cooperate with Indonesia to manage oversupply and better control prices. However, there is currently no information on how these decisions will be implemented.

Early this year, cobalt prices rebounded, spurred by the DRC’s export ban and an anticipated smaller surplus in the coming years. These conditions create a favorable backdrop for price recovery.

In 2024, global demand for cobalt rose by 14% to 222,000 tonnes. The electric battery segment was the main driver, accounting for 76% of total consumption and 94% of annual growth. Electric vehicles alone accounted for 43% of demand, with sales up 26%.

Demand for computers and mobile devices (phones, tablets, computers) also rose 12%. The rise of artificial intelligence, with its need for intensive computing, fueled an increase in battery capacity.

A surplus of 32,000 tonnes in 2024

Demand in the superalloys and military applications segments also grew, supported by rising defense spending.

But for the third consecutive year, supply growth outpaced demand. In 2024, global primary production reached 254,000 tonnes (+22% compared to 2023), driven by the ramp-up of Congolese mines operated by the Chinese group CMOC. 

With 30,000 tonnes mined (+82% in one year), Indonesia established itself as the world’s second-largest producer. The market thus recorded a surplus of 32,000 tonnes in 2024—almost 15% of total demand—compared with 25,000 tonnes in 2023.

Founded in 1982, the Cobalt Institute brings together the main players in the cobalt value chain—including producers, users, recyclers, and traders—who represent around 80% of the global market.

This article was initially published in French by Walid Kéfi (Ecofin Agency)

Edited in English by Ola Schad Akinocho

La demande mondiale de cobalt augmentera à un rythme plus soutenu que celui de l’offre dans les années à venir, ce qui fera basculer le marché d’un excédent en 2024 à un déficit au début des années 2030, estime le Cobalt Institute dans son rapport annuel publié le 14 mai 2025.

Fondé en 1982, le Cobalt Institute regroupe les principaux acteurs de la chaîne de valeur du cobalt – producteurs, utilisateurs, recycleurs et négociants – représentant ensemble environ 80 % du marché mondial.

Intitulé Cobalt Market Report 2024, le document prévoit une croissance annuelle moyenne de 7 % de la demande mondiale jusqu’à la fin de la décennie, pour atteindre 400 000 tonnes au début des années 2030. Cette progression sera tirée principalement par la montée en puissance du secteur des batteries électriques.

En parallèle, l’offre mondiale ne devrait croître qu’à un rythme annuel moyen de 5 % d’ici 2030. La République démocratique du Congo (RDC), qui a représenté 76 % de l’offre primaire en 2024, verra sa part reculer à 65 %, tandis que celle de l’Indonésie passera de 12 % à 22 %, en raison d’une montée rapide en production.

À court terme, l’évolution du marché dépendra en grande partie de la stratégie adoptée par la RDC, notamment après l’interdiction de quatre mois des exportations de cobalt décidée en février 2025 pour tenter de relancer les cours. Cette mesure pourrait être prolongée, mais Kinshasa reste floue sur ses intentions. Le 14 mars, le gouvernement a annoncé sa volonté de fixer des quotas d’exportation et de coopérer avec l’Indonésie pour gérer l’excédent d’offre et mieux contrôler les prix. Mais, à ce jour aucune information ne filtre sur la mise en œuvre ces décisions.

Début 2025, les prix du cobalt ont rebondi sous l’effet de la suspension des exportations par la RDC et d’un excédent anticipé plus faible dans les années à venir. Ces conditions créent un contexte favorable à une remontée des prix.

En 2024, la demande mondiale de cobalt a progressé de 14 %, atteignant 222 000 tonnes. Le segment des batteries électriques, qui représente 76 % de la consommation totale et 94 % de la croissance annuelle, a été le principal moteur. Les véhicules électriques, dont les ventes ont grimpé de 26 %, ont à eux seuls représenté 43 % de la demande.

Le secteur de l’électronique portable (téléphones, tablettes, ordinateurs) a aussi vu sa demande augmenter de 12 %. L’essor de l’intelligence artificielle, avec ses besoins en calcul intensif, a conduit à une augmentation de la capacité des batteries.

Un excédent de 32 000 tonnes en 2024

La demande dans les segments des superalliages et des applications militaires a également progressé, soutenue par la hausse des dépenses de défense.

Mais pour la troisième année consécutive, la croissance de l’offre a surpassé celle de la demande. En 2024, la production primaire mondiale a atteint 254 000 tonnes (+22 % par rapport à 2023), portée par la montée en régime des mines congolaises opérées par le groupe chinois CMOC.

Avec 30 000 tonnes extraites (+82 % en un an), l’Indonésie s’est installée comme deuxième producteur mondial. Le marché a ainsi enregistré un excédent de 32 000 tonnes en 2024, soit près de 15 % de la demande totale, contre 25 000 tonnes en 2023.

Walid Kéfi, Agence Ecofin

Lire aussi :

Cobalt : clair-obscur à Kinshasa à un mois de la fin de l’embargo sur les exportations

Cobalt : la part de l’artisanat dans la production de la RDC chute à 2 % en 2024 (rapport)

Cobalt : désaccord dans le Lualaba entre le patronat et la douane autour d’EGC

Benjamin Katabuka est le nouveau pion que vient de pousser KoBold Metals dans la partie d’échecs qui se joue actuellement autour du gisement de Manono, en République démocratique du Congo. Fin mars 2025, le juriste a été nommé directeur général pays de la junior minière américaine soutenue par les milliardaires Bill Gates et Jeff Bezos, alors que la société n’a pour l’instant aucune activité dans le pays.

KoBold prévoit de demander des permis d’exploration de cuivre et de cobalt, mais l’entreprise a introduit, depuis janvier, une offre en vue d’obtenir des droits sur le gisement de lithium de Manono, considéré comme ayant « le potentiel de devenir une mine de lithium à grande échelle et de longue durée ». Il apparaît donc que c’est sur ce dossier que Benjamin Katabuka devra d’abord faire ses preuves.

Le gisement de lithium de Manono est au cœur d’un conflit qui oppose la compagnie australienne AVZ Minerals à la société publique congolaise Cominière et à son partenaire chinois Zijin Mining devant les tribunaux arbitraux. AVZ, qui estime avoir été injustement évincée du projet, prétend toujours détenir des droits sur le site.

Dans son offre, KoBold propose de mettre fin au contentieux en accordant une « compensation appropriée » à AVZ, en échange de l’abandon de ses prétentions sur Manono à son profit. Les deux entreprises ont annoncé avoir conclu un cadre pour que « AVZ cède ses intérêts commerciaux dans le gisement de lithium de Manono à KoBold, à une juste valeur ».

Il ne reste donc plus qu’à convaincre les autorités congolaises d’adhérer à cet arrangement, alors que des géants comme Rio Tinto ont également montré de l’intérêt pour Manono. Pour y parvenir, la compagnie américaine a misé sur Benjamin Katabuka, un profil qui allie expertise juridique internationale et expérience de terrain dans l’industrie minière congolaise.

Avocat de formation, diplômé des universités de Neuchâtel, Genève, Pennsylvanie, et titulaire du barreau de New York, Benjamin Katabuka a construit sa carrière entre l’Amérique du Nord, l’Europe et l’Afrique. Après un passage comme consultant à Genève, il s’est imposé comme une figure de l’industrie extractive congolaise avec plus d’une décennie d’expérience.

De 2022 à sa nomination, Katabuka était directeur général de C. Steinweg Bridge en RDC. Cette filiale sud-africaine du groupe de logistique néerlandais C. Steinweg Group fournit des services d’import-export dans le pays. Auparavant, il a travaillé pour Freeport-McMoRan depuis Kinshasa. Ce groupe américain opérait la mine de cuivre-cobalt de Tenke Fungurume et développait le projet de Kisanfu, avant de les revendre au chinois CMOC.

Boaz Kabeya, stagiaire

Lire aussi :

Lithium de Manono : coup de pression de l’Américain KoBold sur Kinshasa

Lithium : Rio Tinto s’intéresse aussi au gisement de Manono

During his May 14 hearing at the National Assembly, Congolese Foreign Trade Minister, Julien Paluku, said he referred the issue of customs fraud to the World Trade Organization (WTO) to seek sanctions against certain neighboring countries accused of violating WTO principles. 

He specifically named Uganda, Rwanda, Angola, and Kenya, but did not provide details on the nature of the proceedings. These countries are accused of facilitating the splitting of goods destined for the Democratic Republic of Congo (DRC). 

According to Paluku, this practice involves dividing shipments to bring them into the country indirectly, thereby bypassing customs duties. The Ministry estimates losses from this customs fraud at $3.9 billion for 2024, though the methodology for this figure was not disclosed.

Paluku argued that this practice undermines the competitiveness of compliant economic operators, whose products face unfair disadvantages compared to illegally introduced goods sold at lower prices.

To tackle the fraud, the Ministry plans to establish a one-stop border post at Kasumbalesa, Haut-Katanga province, on the border with Zambia. The facility will enable customs officers from both countries to operate jointly in the same office, streamlining customs clearance.

This should ease cross-border traffic, reduce long queues, and decongest the Kasumbalesa customs post. Paluku also proposed introducing a "special visa" for truck drivers to facilitate their access to destination countries and minimize delays caused by administrative procedures.

In October 2024, the Directorate General of Customs and Excise (DGDA) banned the entry of transshipped goods via the Kasindi-Lubiriha border post in North Kivu. This measure was intended to curb fraudulent practices and increase customs revenue in the towns of Beni and Butembo.

This article was initially published in French by Ronsard Luabeya (intern)

Edited in English by Ola Schad Akinocho

Congolese politician and entrepreneur Jean Bamanisa Saïdi has once again raised the alarm about deteriorating infrastructure in Kinshasa, capital of the Democratic Republic of Congo (DRC). In an interview with B-One Télévision, just days before the opening of the 9th edition of Expobéton in Lubumbashi from April 16 to 19, Bamanisa warned, “If Kinshasa doesn’t redo its roadways, it’s going to look like those cities from the Middle Ages that have disappeared.” The event he promotes focuses on developing cities, corridors, and special economic zones.

Bamanisa estimates that Kinshasa has around 3,500 kilometers of roadways that need full rebuilding. He urges reimagining the city centered around these new infrastructures, drawing parallels to the sweeping urban transformations led by Napoleon III and Baron Haussmann in 19th-century Paris. Without such intervention, the capital’s existing problems- traffic congestion, flooding, poor sanitation, and urban disorder- could worsen, potentially rendering the city unlivable.

Tribune – Kinshasa, capitale des travaux éternels : « On refait donc on avance ? »

https://t.co/STM79ydKS8@PrimatureRDC @Presidence_RDC @TransportsRDC @MinITP_RDC @KinshasaHotel @apkinshasa243 @financesrdc @IgfRdc @senatrdc @AssembleeNatRDC @ExpobetonRDC…

— Jean Bamanisa (@JeanBamanisa) May 4, 2025

Almost every rainfall today causes deadly flooding, and traffic jams have become a daily ordeal, lasting up to four or five hours on some main roads. Bamanisa attributes these issues to neglected bypass roads, chaotic occupation of public spaces, and rising incivility.

The former governor of Ituri (2013-2015 and 2019-2022) acknowledges that sustainable road rehabilitation will require substantial time and resources, estimating a 20 to 30-year timeframe and a budget of at least $10 billion. “We propose a dedicated budget, possibly financed by contracts like Sicomines’ (infrastructure development for mineral resources),” Jean Bamanisa noted.

At the Mining Indaba 2025 forum, Bamanisa advocated for an integrated approach linking urban development with the mining sector, citing examples such as Kolwezi and Likasi, cities historically shaped by mining activities.

He also emphasized the necessity of comprehensive urban planning studies to ensure coherent and sustainable development. Highlighting the Kinshasa bypass project, he warned that its original intent to integrate residential and industrial zones is now jeopardized by unregulated occupation due to insufficient planning.

As head of cement manufacturer PPC Barnet RDC, Bamanisa champions innovative construction techniques tailored to local conditions. He advocates for using concrete in road construction, a sustainable and technically feasible solution in the DRC, which also promotes using local materials such as limestone, sand, mining waste, volcanic rock, and lime.

This article was initially published in French by Ronsard Luabeya and Timothée Manoke (interns)

Edited in English by Ola Schad Akinocho

Airtel remained DR Congo’s top mobile service provider, by sales, last year. It was ahead of Vodacom, Orange, and Africell. According to the country’s telecom regulator, the ARPTC, the subsidiary of the Indian group Bharti Airtel generated $741 million, or 35.5% of the sector's total revenues of $2.09 billion.

Compared to 2023, Airtel’s revenues grew by 7.5%. The Congolese watchdog is attributed to an aggressive sales strategy and ongoing investment in extending its network coverage. As in 2023, Airtel outperformed its rivals: Vodacom captured 32.6% of market revenues, Orange 28.1%, and Africell 3.8%.

Total sales (incl. VAT) (voice+SMS+data+mobile money+other VAS) in dollars

Airtel's momentum is largely based on growth in data and SMS consumption, despite stable revenues from voice, a segment in which Vodacom remains dominant. Airtel remains the leader in data revenues, with $365.5 million (37.7% market share), ahead of Orange (31.5%), Vodacom (27%), and Africell (3.8%). This performance is due to the competitiveness of its packages and the extent of its 4G network.

In the mobile money segment, Vodacom remains in the lead with revenues of $168.5 million (46% market share). Airtel comes second with $137.2 million (37.5%), followed by Orange ($58.5 million, 16%). Africell, despite a 168.3% increase in revenues to $1.7 million, represents just 0.5% of the market.

Number of active cell phone subscriptions

The DRC ended 2024 with 63.96 million active subscriptions (used at least once over 90 days), up 13.7% on 2023, corresponding to almost 7.7 million new subscribers. Vodacom dominates in terms of subscriber numbers, with a 36% market share. Orange and Airtel are neck-and-neck, with 29% each. Africell closes the ranking with 6%.

This article was initially published in French by Muriel Edjo

Edited in English by Ola Schad Akinocho

CRDB, a Tanzanian bank, closed its second year of activity in the Democratic Republic of Congo (DRC) on a negative note. According to the lender’s annual report, its Congolese subsidiary recorded a loss of 6.6 billion Tanzanian shillings or $2.5 million at the average yearly rate. Compared to 2023, the figure is 57% higher. Despite this, CRDB’s management is confident about the future.

According to the report, a sharp rise in operating expenses drove the losses. The expenses could not be offset by operating revenues, which jumped from $0.5 million to $5 million between 2023 and 2024.

The Congolese subsidiary's expansion strategy can explain this situation, as it seeks to gain a solid foothold in the local market. In Lubumbashi, the bank’s head office, a new branch was opened, and the workforce across the country doubled from 26 to 59 employees in one year.

Despite the losses, the bank's financial indicators are promising. The intermediation margin jumped from $643,000 to $2.9 million, mainly thanks to Congolese government bonds. Customer deposits rose to $8.4 million from $875,000 a year earlier, while total assets now stand at $70.2 million compared with $46 million in 2023.

"Although challenges remain, our long-term outlook for the Congolese market remains positive, underpinned by the country's economic potential and CRDB's commitment to strengthening its operational base," says group CEO Abdulmajid M. Nsekela.

CRDB Bank, one of Tanzania's leading banks, obtained authorization to operate in the DRC in May 2023. The bank made the strategic choice of Lubumbashi, in the Haut-Katanga region, as its headquarters, due to its geographical proximity and cross-border trade with Tanzania.

The bank is 55% owned by its parent company in Tanzania, while the Norwegian investment fund Norfund and the Danish IFU each hold a 22.5% stake.

This article was initially published in French by Timothée Manoke (intern)

Edited in English by Ola Schad Akinocho

En 2024, Airtel a conservé sa position de leader du marché de la téléphonie mobile en République démocratique du Congo (RDC) en termes de chiffre d’affaires, devant ses concurrents Vodacom, Orange et Africell. Selon les données publiées par l’Autorité de régulation de la poste et des télécommunications du Congo (ARPTC), la filiale du groupe indien Bharti Airtel a généré 741 millions de dollars, soit 35,5 % des 2,09 milliards de dollars de revenus globaux du secteur.

Airtel a enregistré une progression de 7,5 % de ses revenus par rapport à 2023. Cette performance est attribuée à une stratégie commerciale offensive et à des investissements continus dans l’extension de sa couverture réseau. Comme en 2023, Airtel a surpassé ses concurrents : Vodacom a capté 32,6 % des revenus du marché, Orange 28,1 %, et Africell 3,8 %.

Chiffres d’affaires globaux TTC (voix+SMS+data+mobile money+autres SVA) en dollars

La dynamique d’Airtel repose en grande partie sur la croissance de la consommation de données et de SMS, malgré la stabilité des revenus issus de la voix, segment où Vodacom reste dominant. Airtel conserve sa place de leader dans les revenus data, avec 365,5 millions de dollars (37,7 % de parts de marché), devant Orange (31,5 %), Vodacom (27 %) et Africell (3,8 %). Cette performance s’explique par la compétitivité de ses forfaits et l’étendue de son réseau 4G.

Sur le segment du mobile money, Vodacom reste en tête avec 168,5 millions de dollars de revenus (46 % de parts de marché). Airtel se place en deuxième position avec 137,2 millions de dollars (37,5 %), suivi d’Orange (58,5 millions de dollars, soit 16 %). Africell, malgré une progression de 168,3 % de ses revenus à 1,7 million de dollars, ne représente que 0,5 % du marché.

Nombre d’abonnements actifs à la téléphonie mobile

La RDC a terminé l’année 2024 avec 63,96 millions d’abonnements actifs (utilisés au moins une fois sur 90 jours), soit une hausse de 13,7 % par rapport à 2023, correspondant à près de 7,7 millions de nouveaux abonnés. Vodacom domine en nombre d’abonnés avec 36 % de parts de marché. Orange et Airtel sont au coude-à-coude, avec respectivement 29 % chacun. Africell clôture le classement avec 6 %.

Muriel Edjo

Lire aussi :

Internet mobile : en RDC, le marché frôle le milliard de dollars en 2024

Internet mobile : 15 millions de nouveaux abonnés attendus en RDC d’ici 2030

Internet : comment l’accord avec SpaceX donne un avantage stratégique à Airtel en RDC 

Télécoms : Orange et Vodacom s’associent pour étendre le réseau en RDC

Corridor de Lobito : les États-Unis font d’Africell un opérateur clé des télécoms