Export quotas have been set for the remainder of this year and both 2026 and 2027. The volumes are less than half of last year's production and the stated intention is to force a reduction in global stocks that have accumulated from consecutive years of surplus…Congo's state minerals regulator ARECOMS has the right to adjust those quotas on a quarterly basis and also to buy any production surplus to export allowances, setting the stage for a government-backed cobalt buffer stock…Congo produced some 220,000 metric tons of cobalt last year in the form of cobalt hydroxide shipped to China for refining…Output has more than doubled over the last five years, outpacing global demand growth. The resulting surplus caused cobalt prices to sink to ten-year lows at the start of 2025, the latest slump in a history of boom-bust pricing…The quotas, capped at 96,600 tons per year in both 2026 and 2027 change the market landscape…Left unchanged, the restrictions on Congo exports would transform the 2025-2027 market balance from a period of yet more supply surplus to one of deficit, resulting in a steady reduction in supply-chain inventory, according to BMI…ARECOMS is empowered to buy back any cobalt produced over and above each operator's export allowance…It and other operators will have to decide whether to trim cobalt output to match individual export allowances, so far unannounced, or continue producing…No-one's going to stop mining the copper given the red metal's current elevated pricing, but is it worth running the cobalt by-product through a hydroxide line if it can't be exported?...But the underlying intention is clearly to establish ARECOMS as a market balance mechanism, buying up surplus material when prices are low and releasing it when prices get too high…The DRC has a big advantage in the scale of its control of the global supply chain. The country accounts for more than 70% of output and has by far the biggest reserves…It also has market dynamics on its side. Cobalt consumption is still growing at a healthy clip despite the metal's challenge from alternative battery chemistries…Moreover, governments are rushing to build strategic stocks of a metal most classify as critical for both military and civilian reasons…China has been a significant strategic cobalt buyer over the last couple of years and the United States' Defense Logistics Agency is tendering for up to 7,500 tons of alloy-grade metal over the next five years.

China tightened its rare earth export controls on Thursday, saying it planned to limit exports to overseas defence firms and semiconductor users and adding five rare earth elements to its list…The world's largest rare earth producer also added dozens of pieces of refining technology to its control list and announced rules that will require compliance from foreign rare earth producers who use Chinese materials…The Ministry of Commerce's announcements follow U.S. lawmakers' call on Tuesday for broader bans on the export of chipmaking equipment to China…Exports of 12 of them are now restricted after the Ministry of Commerce added five - holmium, erbium, thulium, europium and ytterbium - along with related materials…The ministry also said overseas defence users will not be granted licences, while applications related to advanced semiconductors will be approved on a case-by-case basis…The new rules apply to 14-nanometer chips or more advanced chips, memory chips with 256 layers or more, and equipment used in production of such chips, as well as to related research and development. These advanced chips are used in products from smartphones to AI chipsets that require powerful computing performance…The rules will also apply to research and development of artificial intelligence with potential military applications.

The role of oil and gold in the global economy and the world’s industrial landscape cannot be understated. Oil powered the industrial revolution for almost two centuries while gold’s historical value supported monetary systems across continents. Corresponding to their importance, control over these resources also entails strategic power for nations. While oil and gold remain as relevant as ever, critical minerals are becoming just as important as the global economy shifts towards massive adoption of clean energy, artificial intelligence, and modern defense technologies…According to the International Energy Agency, demand for critical minerals could increase by up to 700% by 2040 if the world is to meet its declared climate goals alone, something which does not take into account the other range of critical mineral uses…Critical minerals are raw materials needed for the manufacturing of electric vehicles, wind turbines, solar panel cells, semiconductors, AI infrastructure, and various technologies used in the defense and aerospace industries. The U.S. government now refers to these materials as “key building blocks of our defense industrial base.” This is no exaggeration, as the Pentagon’s Defense Industrial Strategy noted that 90% of the US’ advanced weapons systems rely on critical minerals. What defines a critical mineral constantly evolves, however the list largely includes lithium, cobalt, copper, nickel, rare earth elements (REEs), silicon, and niobium…As national security and economic competitiveness increasingly rely on the sourcing of these minerals, power competition has developed for control over their supply chains. China, having established a near-monopoly over mineral mining and refining capabilities, has a considerable headstart over other nations…Beijing has also demonstrated how dominance over supply chains can wield power when it banned exports of gallium, germanium, and antimony in early 2025, and temporarily halted the export of rare earth magnets. This, for obvious reasons, has Washington worried – a foreign adversary able to cut off supply for critical minerals represents an acute national security risk…The stakes could not be higher. If oil defined the last century, critical minerals will shape the coming one. Countries that fail to secure their supplies in this field and/or to build a measure of independence from their competitors risk becoming vulnerable to market shocks and adversaries’ strategies. The oil crises of the 1970s provide the important lesson that waiting until scarcity strikes is a mistake…Critical minerals are not just another commodity cycle. They are the basis of clean energy and digital revolutions. If handled well, they can drive decades of growth and innovation. If mismanaged, however, they could create new dependencies, ignite resource nationalism, and repeat the worst mistakes of the oil age. Analysts warn that if demand outpaces supply, the world could witness a minerals shock similar to the 1970s oil shock as early as the 2030s. 

Ferrari has unveiled the technology which will power its hotly-anticipated first electric car, the Elettrica, as the 78-year-old luxury Italian sportscar maker looks to add battery power to its hybrid and petrol-engine models…The completed car, which Ferrari is expected to present next year at a global premiere, will have a top speed of 310 kilometres per hour (193 miles) - slightly slower than most of its engined models and a range of at least 530 km…The unveiling of the inner workings of Ferrari's maiden electric car marks a milestone for the auto industry that is grappling more widely with a shift from the internal combustion engine to the electric battery…Ferrari is aiming to have 20% of its model line-up fully-electric by 2030, its long-term business plan unveiled on Thursday shows…"If you think about the next generation of kids, to remain relevant, maybe Ferrari needs an electric line-up that represents the pinnacle of its type," former Aston Martin CEO Andy Palmer told Reuters…The Ferrari Elettrica, expected to cost at least 500,000 euros ($580,400), Reuters reported last year, comes almost two decades after the first hybrid technology appeared in its Formula One cars in 2009. Ferrari began selling hybrid models in 2019.

Mining companies operating in the Democratic Republic of Congo underreported $16.8 billion in revenue between 2018 and 2023, a state audit found, potentially reducing funds for the government and local communities…Under Congo's 2018 mining code, firms must contribute 0.3% of annual revenue to community development funds that typically support schools, clinics and water systems…Congo, a top cobalt and copper producer - both critical for battery production - is among the world's poorest countries…The discrepancy resulted in $50.4 million in lost contributions to development funds, the report said.