Democratic Republic of Congo Advantage Battery Cabinet Price

It also highlights the potential for increased engagement with the Congolese government to promote global trade of these valuable resources. As the EV and battery storage industries grow, the International Energy Agency (IEA) has predicted that total demand for lithium will rise by close to 90% by 2040.

DR Congo produced 72 per cent of global cobalt mine supply in 2024, according to market intelligence group Project Blue. The metal is a key ingredient in some batteries used in electric vehicles. The government is trying to address a persistent supply glut in the market that has weighed down on prices since 2022.

It said the four-month cobalt export ban imposed in February would continue until September. DR Congo produced 72 per cent of global cobalt mine supply in 2024, according to market intelligence group Project Blue. The metal is a key ingredient in some batteries used in electric vehicles.

The country is also working to boost the broader domestic mining sector, including through a possible minerals deal with the US. Commodities trader Glencore, one of the major cobalt producers in the DR Congo, declared force majeure this year on some of its cobalt contracts following the imposition of the ban.

With rising investments and exports in the mining sector, driven by improving mineral prices and growing public investment from the EV and battery industries, the DRC is poised to see continued favorable GDP growth over the next decade. In 2023, GDP growth was recorded at 7.8%.

Photo: Unsplash The DRC plays a key role in the electric vehicle industry, supplying crucial minerals while facing labor and economic challenges.