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The Democratic Republic of Congo (DRC), the world’s leading cobalt producer, has suspended cobalt exports for at least four months in response to an oversupply in the market.

The decision follows a drop in cobalt prices, attributed to a surge in supply and a slowdown in demand.

The ban is effective from 22 February, according to the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS).

ARECOMS, established in 2019, is tasked with regulating strategic minerals and aims to stabilise markets and formalise the artisanal mining sector.

ARECOMS president Patrick Luabeya said: “This measure is intended to regulate supply on the international market, which is faced with a production glut.”

Cobalt is used to make rechargeable batteries used in various electronic devices, with the Katanga region being a hub for both industrial and artisanal cobalt mining.

The suspension encompasses all mining operations, from industrial to small-scale production. After three months, an assessment will be conducted to decide if the ban should continue.

Brazilian mining giant Vale has entered into a five-year global framework agreement with US-based equipment manufacturer Caterpillar to expand their collaboration and focus on productivity, innovation and carbon reduction initiatives.

The partnership reiterates their commitment, first announced in April 2024, to develop a dual-fuel haul truck that operates on both diesel and ethanol. Initially, the dual-fuel haul trucks will have the capacity to carry 240 tonnes (t), with plans to extend the technology to trucks capable of moving 320t.

Vale currently operates more than 150 trucks across these two models. The initial testing phase will take place at Caterpillar’s facilities in the US, followed by further validation and testing at Vale’s operations in Minas Gerais.

Vale is also set to test a battery electric haul truck and Caterpillar’s Dynamic Energy Transfer System (DET), which is currently under development.

The Cat DET system was introduced in September 2024 to enhance the sustainability of mining operations.

The Australian Government has unveiled the A$1bn ($634m) Green Iron Investment Fund, aimed at establishing Australia as a leading nation in green iron manufacturing.

The fund is designed to advance the production and supply chains of low-emissions iron and steel by backing greenfield projects and stimulating substantial private investment.

The fund will allocate up to A$500m ($317m) to assist in the transformation of the Whyalla steelworks in South Australia.

A minimum of A$500m will be available to both existing facilities and new projects that aim to enhance the value of the Australia’s iron ore industry domestically.

Australia generated more than A$100bn in export revenue in 2023–24 and the broader iron and steel industries support more than 100,000 jobs, both directly and indirectly.

The government has already announced a A$2bn investment in Australian-made aluminium and passed legislation for Production Tax Credits for hydrogen and critical minerals.

BHP has reported a 23% decline in underlying profit to $5.08bn (A$8bn) in the first half of 2025 fiscal year ending 31 December 2024, primarily due to lower iron ore and steelmaking coal prices, partially offset by higher realised copper prices.

The company’s revenue dropped by 8% to $25.2bn, while underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 11% due to lower revenue. BHP has reported a profit of $4.4bn attributable to shareholders for H1 2025, up from $900m in the previous year, showcasing its strong operational performance and effective cost management.

In terms of production, copper output rose by 10% to 987,000t, with a 22% increase at Escondida in Chile. Iron ore production saw a modest 1% increase to 131 million tonnes (mt) from 129mt. However, the production of steelmaking coal dropped by 21% to 8.9mt from 11.3mt. Energy coal also dipped 1% to 7.4mt.

Canadian miner Barrick Gold revealed significant gains in the fourth quarter of 2024, with gold production increasing by 15% and copper production by 33%, compared with Q3.

The company met its annual guidance with full-year attributable gold production of 3.91 million ounces (moz).

Barrick reported a 23% increase in its gold mineral reserves in 2024 compared with the previous year, now standing at 89moz at 0.99 grams per tonne. It also reported a 224% year-on-year increase in attributable copper mineral reserves, reaching 18mt at 0.45% grade, up from 5.6mt at 0.39% in 2023.

Looking ahead to 2025, Barrick expects attributable gold production of 3.15moz–3.5moz, excluding Loulo-Gounkoto during its temporary suspension. Copper production is projected to rise from 195,000t in 2024 to 200,000–230,000t in 2025.