CMOC targets H1 2023 for DRC mine production
Chinese firm CMOC is targeting the first half of 2023 for production to begin at its KFM copper-cobalt mine in Democratic Republic of the Congo.
CMOC acquired a 95% stake in KFM, then called Kisanfu, from the DRC government in December 2020. CMOC paid US$550 million for the mine.
Full production will see KFM produce an average of 90,000 tons of copper and 30,000 tons of cobalt.
CMOC is also developing the Tenke Fungurume copper-cobalt mine, located 33 kilometres from KFM. In 2019, the mine produced 177,956 tonnes of copper and 16,098 tonnes of cobalt.
The Chinese company also has plans to expand the TFM mine. The expansion project will increase copper output to more than 200,000 tonnes once full ramp-up is achieved. The 10K expansion project will be commissioned in the December quarter of 2020.
TFM is also developing a mixed ore project, but is contending with delayed shipments of large equipment due to the resurgence of Covid-19 in China, as well as logistics congestion in Africa, CMOC vice present Zhu Jun said in a June 10 meeting.
CMOC was formerly known as China Molybdenum Company, and changed its name in June.
