Cobalt Blockchain expects final approval shortly for DRC copper/cobalt trading, export license

Canada-based Cobalt Blockchain Inc (COBC) expects final ratification shortly for a copper/cobalt trading and export license that will allow it to establish regional buying depots in the Democratic Republic of Congo (DRC), process minerals in-country and export internationally.

The exploration and development company, which has assets in the DRC, said its application for the license as well as all associated licensing fees and studies have now been submitted to the country’s Ministry of Mines.

COBC has started initial arrangements to set up its cobalt trading facilities in the DRC, which will include a 1,000 square meter depot with storage, assay laboratory, clinic and office capabilities. The depot site will also incorporate perimeter fencing and security equipment.

On completion of the trading depot, COBC will purchase its first cobalt concentrate from COMIKU, one of the largest local mining cooperatives in the Lualaba province, following a supply agreement announced on Friday April 6. Under the agreement and starting in June, COBC will be supplied with a minimum of 40,000 tonnes per year of cobalt concentrate, with a minimum grade of 1% cobalt.

COBC is the first mining and mineral trade company set up specifically to procure cobalt in compliance with the Organisation for Economic Co-operation and Development (OECD) due diligence framework, which ensures it addresses child labour and other challenges associated with artisanal and small-scale mining in the DRC.

Since March, COBC has been working with BetterChain SL to develop an autonomous due diligence protocol. The protocol can be used by any upstream mining and mineral trade operator to demonstrate OECD compliance and improve upstream reporting, whether sourced via artisanal and small-scale mining or otherwise, and throughout the mining supply chain.

COBC is also continuing to work with other partners toward establishing a blockchain platform to provide greater certainty of provenance and further assurance that all minerals procured are ethically sourced.

The mining sector in the mineral-rich DRC, a key producer of copper and cobalt, has flourished following a recovery in metals prices and because of the push toward more use of electric vehicles (EVs) globally.

Cobalt prices have risen as a result, with Metal Bulletin’s benchmark price assessment for low-grade material, free market settling at $42.85-43.85 per lb, in-warehouse, on Friday May 18. This was up by 73% from a year ago.

What to read next
US export controls on recycled copper would have unintended consequences that could weaken the country’s domestic recycling and manufacturing ecosystems, the president of the Recycled Materials Association (ReMA) said.
The publication of Fastmarkets’ assessments for nickel 4x4 cathode, nickel briquette and nickel uncut cathode premiums in-whs Rotterdam was delayed on Tuesday July 16 because of a reporter error.
Fastmarkets has corrected its alumina index inferred prices, which were published incorrectly on Tuesday July 15.
The United States' copper recycling industry is ramping up pressure on policymakers to impose some form of export controls on high-purity copper scrap, arguing that current trade dynamics – particularly with China – are distorting prices, weakening domestic capacity and undermining national security goals.
Fastmarkets launched two new price assessments for Indonesia’s domestic trade in nickel ore on Tuesday July 15. The two price assessments are for domestic trades of Indonesian laterite ores with 1.6% and 1.2% nickel content. Indonesia now accounts for 60% of the global nickel supplies and while there is an official government reference price, known […]
US copper scrap market participants are shifting from COMEX to LME pricing in response to extreme price volatility and a new 50% copper import tariff. The change is influencing discount formulas, export strategies and long-term trading dynamics across the sector.