Since January, tantalite prices have jumped 25%. According to Reuters, the ore currently trades between $100 and $105 per pound on the European spot market, the highest level seen since April 2023.

In February, data provider Argus had already revised its price estimates upward to $80–$88 per pound, up 8% from the previous range of $75 to $81.

The price rally was mainly spurred by lower supplies from the Democratic Republic of Congo (DRC). According to the United States Geological Survey (USGS), the DRC was the world’s leading tantalum producer in 2023, holding more than 41% of the global market. However, output remains volatile due to ongoing instability in several mining regions. This has only worsened since January 2025 with the advance of M23 rebels into key producer towns.

The conflict-induced instability disrupted supply chains, especially as buyers increasingly demand traceable and conflict-free material. “The conflict affecting eastern DRC makes it difficult to obtain legitimate labeled tantalite. [...] You can place an order for material in a province not affected by the conflict, and the rebels take control of the area within two weeks of signing an agreement,” an anonymous trader told Reuters.

Looking ahead, the situation remains uncertain. Stabilizing key production zones could ease supply pressures, but much will depend on the outcome of peace negotiations between Kinshasa, the M23 rebels, and Rwanda, the rebellion’s main supporter.

This article was initially published in French by Aurel Sèdjro Houenou (Ecofin Agency)

Edited in English by Ola Schad Akinocho