New Delhi, April 9 -- In February this year, the Democratic Republic of Congo (DRC) placed a temporary ban on the export of cobalt with the aim of curbing oversupply in the global market. The country also consulted with Indonesia, another key producer of the mineral to partner with and regulate the global supply. Indonesia plans to increase royalties on nickel which will have an effect on cobalt as the former typically contains 1-2 per cent of cobalt as its by-product.

Cobalt is a key component for manufacturing batteries in electric vehicles (EV) and wind turbine generators. It is among several critical minerals that are crucial in the global energy transition supply chain. DRC is the world's largest cobalt producer, contributing to ove...