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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Headlines

    Posted By Global Banking and Finance Review

    Posted on June 11, 2025

    Featured image for article about Headlines

    By Pratima Desai

    LONDON (Reuters) -Glencore declared force majeure on some deliveries of cobalt from Democratic Republic of Congo days after the government suspended exports of the battery material, three sources familiar with the matter told Reuters.

    Congo, the world's largest cobalt producing country, introduced a four-month ban on all cobalt exports in February in an attempt to curb a supply glut that helped send prices to nine-year lows and stifled its tax revenues.

    As a result of the ban, London-listed Glencore took the rare step of declaring force majeure on some supply agreements for cobalt produced at its Congolese operations, invoking a measure meant for unforeseeable circumstances that prevent a contract's execution, the sources said.

    Glencore declined a Reuters request for comment.

    Glencore, the world's second-largest cobalt producing company, mined 35,100 metric tons of cobalt contained in concentrate and hydroxide at its Congo operations last year.

    Many of its customers are still receiving cobalt under their contracts, the sources said. And while others are not, it was unclear to what extent the supply issue had affected their operations.

    Cobalt is a byproduct of copper production in Congo, which accounted for 220,000 tons, or 78%, of global cobalt output last year.

    In metal form, it is used to manufacture parts for aerospace and military equipment. Most of the cobalt produced in Congo, however, comes in the form of hydroxide and is used to make chemicals for batteries used in electric vehicles and mobile devices.

    Growing surpluses - partly due to lower than expected demand for electric vehicles and a supply surge from operations owned by China's CMOC Group - drove down cobalt prices to nearly $10 a pound or $22,000 a ton in February.

    Congo's export ban and a force majeure declaration in March by Eurasian Resources Group have since helped prices recover by around 35% to trade at $15.8 cents or a pound or $34,832 a ton on Wednesday.

    Congo has not said whether the export suspension will be extended when the ban ends on June 22, or if the government would look at export quotas.

    (Reporting by Pratima Desai; Editing by Veronica Brown and Joe Bavier)

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