The Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS) says that the world’s top cobalt supplier imposed a four-month suspension on exports in February after prices had hit a nine-year low at just $10 a pound.

The ban was due to expire this Sunday.

“The decision has been taken to extend the temporary suspension due to the continued high level of stock on the market,” ARECOMS said in a statement.

ARECOMS is set to announce a subsequent decision to either modify, extend or terminate the suspension before the new three-month window closes in September.

Reuters reported on Friday that Congolese authorities were considering extending the ban as they explored how to distribute quotas for shipments of cobalt among mining companies.

A proposal to implement quotas has backing from miners, including Glencore,  the world’s second-largest cobalt-producing company.

--Reuters--