Cobalt
Congo reported no uranium output. Thousands of tonnes likely left in cobalt.
A Nature Communications study puts 2,000 to 5,000 tonnes of natural uranium in DRC cobalt shipments since 2000. A study co-author says under a tenth appears to have been declared and safeguarded.
Cobalt at $56,000. The DRC isn't mining cobalt anymore. It's mining AI copper.
Glencore's Q1 numbers: African copper cathode running 68 percent ahead, cobalt down 39 percent. CMOC just put $1.08 billion into a copper expansion, not a cobalt one. The cobalt overhang under the DRC's 96,600-tonne quota is now a coproduct of the AI buildout's copper pull.