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Category: Cobalt

Ivanhoe Mines Issues Third Quarter 2024 Financial Results 1 Mining in DRC Cobalt Copper 

Ivanhoe Mines Issues Third Quarter 2024 Financial Results

Constance
 Ivanhoe Mines’ (TSX: IVN) (OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to present the company’s financial results for the three and nine months ended September 30, 2024. Ivanhoe Mines is a leading Canadian mining company developing and operating its four principal mining and exploration projects in Southern Africa: expanding production at the world-class Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC); ramping up the ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; building the tier-one Platreef palladium, rhodium, nickel, platinum, copper and gold… Read More Here
Kisanfu Mine Leads Global Cobalt Supply Surge 2 Mining in DRC Cobalt Economy 

Kisanfu Mine Leads Global Cobalt Supply Surge

Constance
The Kisanfu cobalt mine in the Democratic Republic of Congo (DRC) is projected to be the largest contributor to global cobalt supply growth in 2024, adding an estimated 23,000 tonnes more than in 2023. This announcement, made by the Cobalt Institute on October 28, 2024, forecasts a substantial market surplus for the year. In its annual report from May 2024, the Cobalt Institute reported a cobalt surplus of 14,200 tonnes for 2023—nearly double that of 2022—highlighting the pivotal role of Kisanfu, which added 32,500 tonnes to the global supply in… Read More Here
Cobalt Market Forecasts 37,000-Tonne Surplus Amid Slowing Demand in 2024 3 Mining in DRC Cobalt Economy 

Cobalt Market Forecasts 37,000-Tonne Surplus Amid Slowing Demand in 2024

Constance
The global cobalt market is projected to experience a notable surplus in 2024, with the Cobalt Institute forecasting a surplus of 37,000 tonnes. This outlook aligns with recent statements from CMOC, the world’s largest cobalt producer, which noted a slowing rate of supply growth in the latter half of the year. Key contributors to this surplus are increased production from the Kisanfu mine in the Democratic Republic of Congo (DRC), set to add an additional 23,000 tonnes over 2023 levels, and a 14,000-tonne increase from the Tenke Fungurume mine, also… Read More Here
Cobalt International Battery Metals Cobalt Lithium 

African Nations Called to Invest in Beneficiation of Critical Minerals for Industrial Growth

Constance
Africa has the potential to be a key player in the global energy transition due to its rich reserves of critical minerals like lithium and cobalt. However, maximizing this potential requires a robust strategy for building manufacturing capacity, scaling up production, and increasing exports. This perspective was shared during a panel discussion at the recent Manufacturing Indaba, highlighting how resource extraction and industrialisation offer African nations opportunities to advance along the value chain, create high-skilled jobs, and drive technological innovation. “We need to explore ways to deepen those value chains,… Read More Here
DRC Solidifies Position as Leading Global Producer of Cobalt and Copper from 2018 to 2022 4 Copper Cobalt Mining in DRC 

DRC Solidifies Position as Leading Global Producer of Cobalt and Copper from 2018 to 2022

Constance
Between 2018 and 2022, the Democratic Republic of Congo (DRC) solidified its status as the world’s largest producer of cobalt and the second-largest producer of copper. According to the International Monetary Fund (IMF), the DRC generated an average of $5.5 billion annually in mining revenues during this period, a notable increase from $4 billion between 2013 and 2017. This surge in revenue is further supported by analyses from various media outlets, including Bankable, a subsidiary of the Ecofin Agency, highlighting the DRC’s strategic significance in supplying critical raw materials. As… Read More Here
Falling Cobalt Prices Force DRC Artisanal Miners to Shift to Less Profitable Copper 5 Mining in DRC Cobalt Copper 

Falling Cobalt Prices Force DRC Artisanal Miners to Shift to Less Profitable Copper

Constance
Cobalt prices have plummeted over the last three years, dropping by two-thirds—a severe blow for the Democratic Republic of Congo (DRC), the world’s leading cobalt producer with the largest global reserves. This price slump has forced many artisanal miners to abandon cobalt mining, with some turning to copper despite its limited profitability. In Kolwezi’s Kamilombe artisanal mine, under a corrugated shed, 39-year-old miner Guelord Kongolo prepares raw cobalt for sale. “The activity here has slowed down; it’s not like it used to be,” says Kongolo, who supports four children. Faced… Read More Here
DRC Criticizes US Department of Labor for Including Congolese Cobalt on Forced Labor List 6 Mining in DRC Cobalt 

DRC Criticizes US Department of Labor for Including Congolese Cobalt on Forced Labor List

Constance
The Democratic Republic of Congo (DRC) has expressed strong disapproval of the United States Department of Labor’s decision to include Congolese cobalt in its 2024 list of goods produced by child or forced labor. On October 1, the DRC government issued a statement describing the decision as “unjustified,” arguing that it overlooks significant reforms in the regulation of both artisanal and industrial mining in the country. “The decision fails to acknowledge the substantial efforts and progress made in regulating artisanal and industrial mining. It undermines international systems designed to ensure… Read More Here
Cobalt Institute Hosts Roundtable in Kinshasa to Address Concerns Over Child Labor in Congolese Cobalt Production 7 Mining in DRC Cobalt 

Cobalt Institute Hosts Roundtable in Kinshasa to Address Concerns Over Child Labor in Congolese Cobalt Production

Constance
The Cobalt Institute, a global trade association representing the entire cobalt industry and value chain, held a roundtable discussion on Thursday, October 17, in Kinshasa. The focus was on the potential inclusion of Congolese cobalt in the U.S. Department of Labor’s 2024 list of goods produced by child or forced labor. Deputy Minister of Mines, Godard Motemona, actively participated in the roundtable, which brought together various stakeholders from both the public and private mining sectors. Notably, Chanda Uluca, the Division Chief for the African Zone of the U.S. Department of… Read More Here
Cobalt Mining in Kolwezi Poses Serious Risks to Women's Reproductive Health 8 Mining in DRC Cobalt 

Cobalt Mining in Kolwezi Poses Serious Risks to Women’s Reproductive Health

Constance
An investigation by La Guardia Magazine highlights the severe health consequences of intensive cobalt mining in Kolwezi, DRC, particularly on women’s reproductive health. From 2018 to 2023, cobalt production surged by 63%, increasing from 104,000 tons to 170,000 tons due to rising global demand for this essential mineral for energy transition. However, this accelerated exploitation poses significant environmental and health risks, especially in the Musonoï district. Located less than two kilometers from Kolwezi’s center, Musonoï overlooks an open-pit mine operated by Compagnie minière de Musonoï (COMMUS), a subsidiary of the… Read More Here
DRC's Minister of Mines Commits to Eradicating Child Labor in Cobalt Mining 9 Mining in DRC Artisanal mining Cobalt 

DRC’s Minister of Mines Commits to Eradicating Child Labor in Cobalt Mining

Constance
In a press release dated October 14, 2024, the Ministry of Mines of the Democratic Republic of Congo expressed its “astonishment” at the inclusion of Congolese cobalt on the list of products potentially associated with child labor, as reported by the United States Department of Labor. This statement follows a previous reaction from the government through the Ministry of Communication and Media. The ministry pointed out that while this decision highlights ongoing challenges in certain regions related to artisanal cobalt mining—representing only 5% of the country’s national production—it fails to… Read More Here

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