China Molybdenum raises annual cobalt output target by 18% 1Cobalt Mining in DRC 

China Molybdenum raises annual cobalt output target by 18%

China Molybdenum, operator of the giant Tenke Fungurume mine in the Democratic Republic of Congo, on Friday said it was targeting production of 16,500-20,100 tonnes of cobalt in 2021.

That is an increase of about 18% on the 14,000-17,000 tonnes targeted in 2020.

Prices for battery metal cobalt on the London Metal Exchange are up 28.9% so far this year on Chinese stockpiling and concerns of supply disruption.

China Moly also said in filing to Shanghai Stock Exchange that it is targeting copper production of 187,300-228,900 tonnes in 2021, up 14-15% from 163,000-200,000 tonnes in 2020.

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