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Category: Cobalt

Chemaf SA Sells Congolese Assets to Norinco Amid Debt Settlement with Trafigura 1 Mining in DRC Battery Metals Cobalt 

Chemaf SA Sells Congolese Assets to Norinco Amid Debt Settlement with Trafigura

Constance
Chemaf SA, a cobalt miner, has agreed to sell its assets in the Democratic Republic of Congo to Chinese miner Norin Mining to settle debts largely funded by its long-time partner, commodities trader Trafigura, the company announced on Thursday. The financial details of the transaction were not disclosed. The new owner, a unit of the Chinese state-backed China North Industries Corp (Norinco), possesses the resources and technical expertise needed to complete the expansion of two cobalt and copper projects in Congo, Chemaf stated. Chinese miners, most of which are state-backed,… Read More Here
Tenke Fungurume Mining Achieves Copper Mark Certification 2 Mining in DRC Cobalt Copper 

Tenke Fungurume Mining Achieves Copper Mark Certification

Constance
Tenke Fungurume Mining SA (TFM) of CMOC Group Ltd. (CMOC), a prominent copper and cobalt mine in the Democratic Republic of the Congo (DRC), has officially achieved Copper Mark certification for its responsible production practices. This milestone makes TFM the first mine in Africa to receive this prestigious certification. The Copper Mark is based on assessments by independent third parties to ensure that mines and smelters meet rigorous standards for responsible production. Launched in 2020, it addresses growing international demands for responsible sourcing and promotes best practices across the value… Read More Here
Gécamines Mining in DRC Cobalt 

DRC State Miner Gecamines Requires Approval for Chemaf Resources Acquisition

Constance
The Democratic Republic of Congo’s state miner, Gecamines, has asserted that any acquisition of cobalt producer Chemaf Resources Ltd. must receive its approval if the new owner intends to take over a crucial mining permit. Chemaf, which put itself up for sale in September, stated in March that the process was in its “final stage,” but a winning bid has yet to be announced. Backed by the Trafigura Group, Chemaf is working to develop one of the largest copper-cobalt mines and processing plants in Congo on a permit leased from… Read More Here
Rising Trends in DRC Mining Export Prices: May 27 - June 1, 2024 3 Mining in DRC Cobalt Copper 

Rising Trends in DRC Mining Export Prices: May 27 – June 1, 2024

Constance
The prices of mining export products from the Democratic Republic of Congo experienced an upward trend during the week of May 27 to June 1, 2024, according to projections by experts from the National Mercurial Commission of the Ministry of Trade. The only exception was cobalt, which saw a slight decrease, falling to $27,438 per tonne from $27,467 per tonne the previous week, marking a drop of $29. Copper prices, on the other hand, continued to improve, trading at $10,556 per tonne this week compared to $9,994 per tonne last… Read More Here
Zijin Mining to Boost Copper Production with Focus on DRC Expansion 4 Mining in DRC Cobalt Copper Lithium 

Zijin Mining to Boost Copper Production with Focus on DRC Expansion

Constance
Zijin Mining Group, China’s leading copper producer, has announced plans to significantly increase its production targets in response to anticipated continued rises in copper prices driven by persistent supply shortages. This strategic move will accelerate the development of its mines in the Democratic Republic of Congo (DRC), according to sources. Zijin Mining aims to increase its copper production to 1.22 million tonnes by 2025, which is a 4% rise from its previous forecast. By 2028, the company targets an ambitious production range of 1.5 to 1.6 million tonnes, marking a… Read More Here
Nickel International Battery Metals Cobalt Lithium Nickel 

Critical Minerals Market Value Projected to Soar to $770 Billion by 2040

Constance
The market value of critical minerals is projected to rise from its current $325 billion to $770 billion by 2040 under the Net Zero Emission (NZE) scenario, which aims for carbon neutrality by 2050. This projection is part of the “Global Critical Minerals Outlook 2024,” a study released by the International Energy Agency (IEA) on May 17, 2024. The report attributes the expected increase in market value to the surging global demand for minerals essential for the energy transition, including lithium, cobalt, copper, nickel, and rare earth elements. This demand… Read More Here
Energy Deficits and Production Challenges Impact DRC's Mining Sector 5 Mining in DRC Cobalt Copper Zinc 

Energy Deficits and Production Challenges Impact DRC’s Mining Sector

Constance
From 2022 to 2023, mining production in the Democratic Republic of Congo (DRC), particularly in the Haut-Katanga province, experienced both growth and stagnation due to numerous challenges, especially the energy deficit linked to the deteriorating network of the national electricity company (SNEL). During the general and elective assembly of the Federation of Congolese Enterprises (FEC), Patrick Muland Kabey, re-elected as provincial President, acknowledged that the mining sector has seen delayed growth over the past two years. According to FEC statistics, mining products such as cobalt and copper, which are critical… Read More Here
Who Truly Benefits from DRC's Mineral Wealth? 6 Mining in DRC Battery Metals Cobalt Copper 

Who Truly Benefits from DRC’s Mineral Wealth?

Constance
In 2023, the Democratic Republic of Congo (DRC) ranked second globally in copper and cobalt exports, according to the Central Bank of Congo (BCC). However, this raises a critical question: who actually benefits from the DRC’s mineral wealth? To answer this, MINES.CD examined Lualaba, the world capital of cobalt and a major hub for the DRC’s mining industry. This region, part of the former Katanga province, is rich in copper and cobalt, mined by multinationals such as Sicomines, Commus, Mutanda Mining, KCC, Kamoa, Tenke Fungurume Mining, Metalkol, and Ruashi Mining.… Read More Here
US Official Accuses China’s CMOC of Predatory Pricing in Cobalt Market 7 Mining in DRC Battery Metals Cobalt 

US Official Accuses China’s CMOC of Predatory Pricing in Cobalt Market

Constance
China’s CMOC Group Ltd. is being accused by a senior US official of employing “predatory” tactics to suppress cobalt prices by flooding the market with the metal sourced from the Democratic Republic of Congo mines. “What we’re seeing now, I feel, is a variation of predatory pricing,” said Jose Fernandez, Under Secretary for Economic Growth, Energy, and the Environment, during a Cobalt Institute conference in New York. His remarks highlight the US’s efforts to reduce China’s dominance in critical metals essential for the energy transition from fossil fuels. Cobalt, vital… Read More Here
Rwanda Ready to Drop "Conflict Mineral" Accusations Against Apple 8 Mining in DRC Battery Metals Cobalt Copper 

Rwanda Ready to Drop “Conflict Mineral” Accusations Against Apple

Constance
Rwanda has strongly denied accusations from the Democratic Republic of Congo (DRC) that Apple sources conflict minerals from a disputed area within the DRC. Rwandan government spokeswoman Yolande Makolo labeled these allegations as “baseless” and suggested they are part of ongoing attempts by the DRC to shift media focus onto Rwanda by leveraging Apple’s global profile. Apple has responded by reaffirming its commitment to responsible sourcing, stating it has verified the origins of minerals in its supply chain and found no evidence of financing armed groups in the DRC as… Read More Here

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