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Category: Cobalt

Glencore Halts Cobalt Stockpiling as Surplus Market Predicted for 18-20 Months 1 Mining in DRC Cobalt Copper 

Glencore Halts Cobalt Stockpiling as Surplus Market Predicted for 18-20 Months

Constance
Glencore has ceased stockpiling electric vehicle (EV) battery material cobalt, according to CEO Gary Nagle, who stated on Wednesday that the market is likely to remain in surplus for another 18 to 20 months. In August 2023, the London-listed miner announced that it had stockpiled cobalt in the first half of the year, reducing supplies to the market to support prices. However, the company did not disclose the quantity of cobalt stockpiled, and Nagle declined to comment on current stock levels. Increased production in the Democratic Republic of Congo (DRC),… Read More Here

Tenke Fungurume Mining Reports Strong Production and Community Impact in H1 2024

Constance
Tenke Fungurume Mining (TFM) has announced its mining production results for the first half of 2024 in the Democratic Republic of Congo (DRC). According to a press release issued on Tuesday, TFM produced approximately 102,405 tonnes of copper cathodes and 7,061 tonnes of cobalt metal in the form of cobalt hydroxide. As of the first quarter of 2024, the company reported paying approximately USD 171.69 million in taxes and related payments to the DRC. Since the project commenced in 2006, TFM has contributed around USD 6.063 billion in total payments,… Read More Here
CMOC Group Overtakes Glencore as Top Cobalt Producer 2 Cobalt Battery Metals Mining in DRC 

CMOC Group Overtakes Glencore as Top Cobalt Producer

Constance
China’s CMOC Group Ltd. has solidified its position as the world’s leading cobalt producer, generating more than three times the output of its well-known rival, Glencore Plc. This significant surge in production has further depressed cobalt prices. Last year, CMOC surpassed Glencore to become the top producer. Recent first-half output figures reveal a widening gap between the two companies. While Glencore’s production fell 27% to 15,900 tons, CMOC’s output more than doubled to 54,024 tons, nearing its full-year production guidance. Cobalt prices have dropped 70% from their peak around two… Read More Here
Vedanta Holdings Deposits $245.75 Million for Full Control of Konkola Copper Mines 3 Mining in Zambia Cobalt Copper Economy 

Vedanta Holdings Deposits $245.75 Million for Full Control of Konkola Copper Mines

Constance
Friday, 19th July 2024, Lusaka, Zambia – Vedanta Resources Holdings Limited (“VRHL” or “Vedanta Holdings” or “Vedanta”) yesterday confirmed the deposit of USD 245.75 million into an escrow account designated by the Hon. High Court of Zambia. This critical financial move paves the way for the imminent reinstatement of the Board of the Konkola Copper Mines (KCM) and the return of full management control to Vedanta. This transition will enable Vedanta to take the necessary steps to allow KCM to operate at its full potential, thereby contributing significantly to Zambia’s… Read More Here
Eurasian Resources Group Releases Fourth Metalkol Clean Cobalt & Copper Performance Report 4 Mining in DRC Cobalt Copper 

Eurasian Resources Group Releases Fourth Metalkol Clean Cobalt & Copper Performance Report

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Eurasian Resources Group (“ERG” or “the Group”), a leading diversified natural resources group headquartered in Luxembourg, is pleased to announce the release of its fourth Metalkol Clean Cobalt & Copper Performance Report for 2024. The report, independently assured by auditors PwC, reports on Metalkol’s progress, approach, and performance across areas of responsible mining and due diligence in relation to its Clean Cobalt & Copper Framework (“Framework’). The report highlights four key achievements: The Clean Cobalt & Copper Framework, first released in 2018 as the Clean Cobalt Framework and extended to… Read More Here
DRC Showcases Cobalt Dominance at Africa-Spain Business Summit in Barcelona 5 Mining in DRC Cobalt Events & Expos 

DRC Showcases Cobalt Dominance at Africa-Spain Business Summit in Barcelona

Constance
The Democratic Republic of Congo (DRC) participated in the Africa-Spain Business Summit forum held from July 9 to 11 in Barcelona, Spain. During the event, the Minister of Foreign Trade, Julien Paluku, noted that the DRC produced nearly 170,000 tonnes of cobalt in 2023, accounting for 70% of global production. Minister Paluku expressed his desire to establish partnerships in various areas, including the mineral value chain, new technologies, road and rail infrastructure, and renewable energies. He observed that for over 60 years, the colonial economic model had favored northern countries… Read More Here
Gecamines Seeks Bids for Cobalt Stake in Tenke Fungurume Mine 6 Mining in DRC Cobalt 

Gecamines Seeks Bids for Cobalt Stake in Tenke Fungurume Mine

Constance
The Democratic Republic of Congo’s (DRC) state miner, Gecamines, is looking to sell its share of cobalt from a joint venture project as the country aims to assert greater control over metals crucial to the energy transition. Gecamines has invited bids for its portion of cobalt output from CMOC Group’s Tenke Fungurume mine, where it holds a 20% interest, according to sources familiar with the matter. This marks the first time the state-owned company is marketing its cobalt share, previously managed by joint ventures, one of the sources disclosed, requesting… Read More Here
CMOC Group Plans to Double Copper Output in the DRC by 2028 7 Mining in DRC Cobalt Copper Economy 

CMOC Group Plans to Double Copper Output in the DRC by 2028

Constance
CMOC Group plans to more than double its copper output from mines in the Democratic Republic of Congo (DRC) over the next four years, anticipating stronger future demand for the metal. The Chinese producer aims to increase its copper production to between 800,000 and 1 million tons by 2028 by expanding operations at its flagship Tenke Fungurume and Kisanfu (KFM) mines in the DRC, according to a company spokesperson. In 2023, CMOC produced approximately 420,000 tons of copper and is forecast to increase output to about 570,000 tons this year.… Read More Here
Zijin Mining Projects Up to 50% Surge in First-Half Net Profit 8 International Cobalt Copper 

Zijin Mining Projects Up to 50% Surge in First-Half Net Profit

Constance
BEIJING – China’s largest gold and copper producer, Zijin Mining, anticipates a first-half net profit increase of up to 50%, the company announced in a trading statement on Monday. Zijin Mining’s net profit for the first half of the year could reach as high as 15.5 billion yuan ($2.13 billion), a 50% year-on-year increase, driven by higher output. The company expects gold output to rise by 9.6% to 35.4 metric tons, copper output to increase by 5.3% to 518,000 tons, and silver output to grow by 1.3% to 210.3 tons.… Read More Here
Gecamines Opposes Chemaf Sale to Norin Mining, Citing Ownership Rights 9 Mining in DRC Cobalt Copper 

Gecamines Opposes Chemaf Sale to Norin Mining, Citing Ownership Rights

Constance
Gecamines, the Democratic Republic of Congo’s state-owned miner, announced its opposition to the sale of Chemaf Resources Ltd., backed by Trafigura Group, to China’s Norin Mining Ltd. Chemaf holds the lease for its flagship Mutoshi project from Gecamines, which asserted its right to reject the transfer of ownership in a statement on Monday. In response, Chemaf noted that the Congolese government had approved the transaction. Struggling with a downturn in cobalt prices, Chemaf has been searching for a buyer to help complete critical projects like Mutoshi. Last Thursday, Chemaf announced… Read More Here

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