The Democratic Republic of Congo has prolonged its cobalt export ban by an additional three months, aiming to ease the global oversupply of the key electric vehicle battery component, its mineral regulation agency announced on Saturday.

The top global cobalt producer had initially introduced a four-month halt on exports in February after prices plunged to a nine-year low of $10 per pound. That suspension was set to end on Sunday.

According to a statement from the Authority for the Regulation and Control of Strategic Mineral Substances' Markets (ARECOMS), the extension was prompted by the persistently high inventory levels in the global market.

ARECOMS noted that a further decision whether to adjust, prolong, or lift the suspension will be made before the current extension expires in September.

Reuters previously reported that Congolese officials were weighing an extension of the export freeze as they deliberated on introducing a quota system to manage how much cobalt each mining company can export.

The proposed quota framework has received support from some industry players, including Glencore, the world’s second-largest cobalt producer.

However, China’s CMOC Group, the leading producer, has pushed for a complete lifting of the ban, signaling division within the sector.