DRC export controls lift cobalt prices, expose hidden uranium shipments

The Democratic Republic of Congo (DRC) imposed a blanket ban on cobalt exports on 21 February 2025 and introduced a producer‑specific quota system in October 2025. The measures, aimed at protecting the strategic value of the metal, pushed standard‑grade cobalt hydroxide prices up roughly 70 percent since June 2025, reaching about US$41,880 per metric ton – the highest levels in years. The DRC supplies roughly three‑quarters of global cobalt, giving the policy outsized influence on battery supply chains.

A study by researchers at the University of Wisconsin‑Madison and Princeton University, published in Nature Communications on 30 July 2026, identified 2,000–5,000 metric tons of natural uranium that had been extracted and embedded in cobalt‑hydroxide shipments from the DRC between 2000 and 2024. Less than 10 % of this uranium was declared to the International Atomic Energy Agency. The undeclared uranium could fuel 600–1,500 nuclear weapons or power a light‑water reactor for 10–25 years. Most of the shipments were sent to China, where uranium is removed during the refining of cobalt.

“ If you look at cobalt prices, they're up 70 percent … ” said Fastmarkets CEO Raju Daswani, emphasizing the market impact of the export controls.