The Democratic Republic of Congo may impose strict curbs on exports of cobalt when its existing four-month export ban ends, the head of a government agency said on Wednesday…Congo, the world's leading producer of cobalt, imposed the export ban in February to try to revive prices for the metal, which is used for batteries for electric vehicles and mobile phones…The government agency's next decision "will inevitably imply a strict limitation of exports in whole or in part until market balance is reached with regard to the supply and demand of cobalt," Luabeya said…He also said the agency would consult industry players in June regarding the ban…In February, Congo imposed a four-month ban on cobalt exports to tackle oversupply of the battery metal on the international market.

Demand for cobalt will rise faster than supply, allowing the market to reduce the 2024 surplus in coming years and swing to a deficit in the early 2030s, the Cobalt Institute said in a research on Wednesday…In the short term, the future of the cobalt market depends on what the Democratic Republic of Congo (DRC), the world's top producer of the mineral used to make the lithium-ion batteries that power electric vehicles, decides to do after its four-month export ban, imposed in late February…Excluding the uncertainty regarding the DRC's export ban, global cobalt supply will be rising at a CAGR of 5% in coming years..Meanwhile, cobalt demand, excluding government stockpiling, is expected to show the growth of 7% CAGR, hitting 400,000 metric tons by the early 2030s mainly due to the EV market expansion. Last year, cobalt consumption reached 222,000 tons…By 2030, EVs will account for 57% of cobalt demand vs 43% in 2024 with other segments of use such as mobile phones, laptops, superalloys, and other industrial sectors seeing slower growth.

Critical minerals essential for defense, digital, and clean energy technologies are in high demand, and the Trump administration is opening the door for a surge in partnerships to increase domestic production…These minerals, such as lithium, cobalt, and copper are among the fastest growing commodities globally and represent a significant opportunity for investors and developers of projects and related infrastructure. McKinsey estimates that $250 billion-$350 billion will be needed for new copper and nickel critical minerals projects by 2030. This growth could create a trillion-dollar market in the wider critical minerals industry by 2050…However, they are also subject to supply chain risks…President Donald Trump has issued several executive orders to support the increase of US production of minerals intended to address national and economic security risks posed by foreign mineral production and further narrow the gap between increasing demand and the capital required…One of Trump’s Day One executive orders aimed to establish the US as the leading producer and processor of rare earth minerals by removing regulatory barriers and opening more public lands for mining…. Another Day One order identified critical minerals as a top priority and the lack of resource development as an “extraordinary threat” to the US economy and national security and directed agencies to expedite the completion of all authorized projects…On Feb. 14, Trump issued an order establishing a council to advise him on how best to make America energy dominant on the world stage, including improving processes for permitting, production, and export of critical minerals…On March 23, Trump issued an order to boost US minerals security by expediting permitting for “priority” mining projects on federal lands through the Defense Production Act and using financing programs such as the US International Development Finance Corporation to fund domestic mining projects…The market is seeing more strategic mergers and acquisition, including between industry participants…Joint ventures are also on the rise, with partnerships forming between large mining majors and smaller mining companies, and inter-industry collaborations…Grants, loans, and tax credits established under the Biden administration have been crucial for supporting the development of large-scale critical minerals projects and related infrastructure that can underpin a domestic circular economy for critical minerals, spanning the value chain from mining, processing, and refining of raw materials, to the recycling of end products.

Despite significant uncertainties, electric cars’ market share is on course to exceed 40% by 2030 as they become increasingly affordable in more markets, new IEA report shows..Following another year of robust growth, global sales of electric cars are on track to surpass 20 million in 2025, accounting for over a quarter of cars sold worldwide, according to the new edition of the IEA’s annual Global EV Outlook…The report, out today, shows that despite recent economic headwinds that have put pressure on the auto sector, global sales of electric cars have continued to break records as electric models become increasingly affordable. Sales exceeded 17 million globally in 2024, putting EVs’ share of the global car market above 20% for the first time, as forecasted by the IEA previously. And in the first three months of 2025, electric car sales were up 35% year-on-year. All major markets, and many others, saw new records for first-quarter sales…“Our data shows that, despite significant uncertainties, electric cars remain on a strong growth trajectory globally. Sales continue to set new records, with major implications for the international auto industry,” said IEA Executive Director Fatih Birol. “This year, we expect more than one in four cars sold worldwide to be electric, with growth accelerating in many emerging economies. By the end of this decade, it is set to be more than two in five cars as EVs become increasingly affordable.”…On a global level, the average price of a battery electric car fell in 2024 amid growing competition and declining battery costs. In China, two-thirds of all electric cars sold last year were priced lower than their conventional equivalents, even without purchase incentives…EVs remain consistently cheaper to operate across many markets, based on current energy market prices…According to the report, almost one-fifth of electric car sales worldwide are of imported vehicles. China, which accounts for more than 70% of global production, shipped nearly 1.25 million electric cars to other countries in 2024.