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Excerpt from December 10, 2025, BMO Metals Brief: DRC allows first cobalt shipment: After a ten-month ban on cobalt exports, Glencore has become the first miner to export cobalt under the DRC’s new quotas, sending a small initial shipment to test the system, one government source and two traders told Reuters. The shipment has been cleared pending payment of a 10% royalty under the new export regulations. The export ban has created significant tightness in the Chinese cobalt sector, with consumers being forced to import metal from the rest of the world and sending metal prices to $24.3/lb from a low of $9.98/lb in February. It will take roughly 3 months for shipments from the DRC to reach Chinese consumers, meaning that the cobalt market will likely remain tight in the short-term. |
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Reuters - December 9, 2025
Summary Companies China's CMOC also initiates export processes Congo's mining lobby seeks urgent talks as exports stall Congo accounts for ...
Summary Companies China's CMOC also initiates export processes Congo's mining lobby seeks urgent talks as exports stall Congo accounts for ...
Glencore has become the first miner to export cobalt under Democratic Republic of Congo's new quotas, sending a small initial shipment to test the system, one government source and two trade sources familiar with the matter told Reuters…Congo cleared Glencore’s shipment this week pending payment of a 10% royalty, the government source said, marking the beginning of a return to exports after a months-long ban that has driven cobalt prices sharply higher and squeezed availability of the metal needed for electric vehicles…The central African country accounts for more than 70% of global mined production that is estimated by analysts at around 280,000 metric tons this year. The system, launched on October 16, has allocated a quota of 18,125 metric tons for the fourth quarter and will cap annual exports at 96,600 tons from 2026…Cobalt metal prices are trading around $24 a lb or $52,900 a ton. That compares with nine-year lows around $10 a lb in February when Congo announced the suspension of cobalt exports. |
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Reuters - December 10, 2025
M23 rebel fighters walk as they withdraw near the town of Sake, some 42 km (26 miles) west of Goma, Democratic Republic of Congo, November ...
M23 rebel fighters walk as they withdraw near the town of Sake, some 42 km (26 miles) west of Goma, Democratic Republic of Congo, November ...
Rwanda-backed M23 rebels have entered the eastern Congo town of Uvira, an important base for the Congolese army near the border with Burundi, four sources including two residents told Reuters on Wednesday…Uvira, situated on the shores of Lake Tanganyika, has served as the headquarters of the Kinshasa-appointed government in South Kivu after the province's capital, Bukavu, fell to M23 in February. It has also served as the regional military base and M23's seizure of the town could allow it to advance on other sites beyond South Kivu…The latest milestone in the rebels' advance through the mineral-rich region comes less than a week after Congolese President Felix Tshisekedi and his Rwandan counterpart Paul Kagame met with President Donald Trump in Washington and affirmed their commitment to a U.S.-brokered peace deal…Reuters reported on Monday that M23 had captured Luvungi, a town that had stood as the front line since February, and that fierce fighting was ongoing near Sange and Kiliba, villages further along the road towards Uvira from the north. |
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For further information about the NICO Project and its Mineral Reserves, please refer to the Technical Report on the Feasibility Study for NICO, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon, which has been filed on SEDAR and is available under the Company's profile at www.sedar.com.
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The materials appearing in this email contain forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the size and quality of the Company’s mineral resources, progress in permitting and development of mineral properties, timing and cost for placing the Company’s mineral projects into production, costs of production, amount and quality of metal products recoverable from the Company’s mineral resources, anticipated revenues, earnings and cash flows from the Company's mineral projects, demand and market outlook for metals and coal and future metal and coal prices. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal and coal prices, the possibility of project cost overruns or unanticipated costs and expenses, the possibility that production from the Company's mineral projects may be less than anticipated, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to metal recoveries and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update them or revise it to reflect new events or circumstances, except as required by law.
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