Category: Cobalt

Eurasian Resources Group (ERG) has secured a $150 million pre-export financing agreement with Bank of China Limited, London Branch, in collaboration with Glencore International. This financing will support ERG’s mining operations in the Democratic Republic of Congo (DRC), particularly at Metalkol, a unit focused on reprocessing copper and cobalt residues. The agreement hinges on a copper cathode supply contract from Metalkol, using future export revenues as collateral. This arrangement provides ERG with the liquidity needed to sustain its investments in the Kolwezi region. “We are delighted to support the continued… Read More Here

Gécamines, one of the largest state-owned mining companies in the DRC, is poised for a major transformation following proposals from the human rights organization Justicia Asbl. During the Council of Ministers meeting on August 23, 2024, chaired by the Head of State, discussions centered on revitalizing Gécamines. However, Justicia Asbl argues that the current measures are insufficient to address the company’s deep-seated structural issues. In a statement released on Monday, Justicia Asbl advocated for a “total overhaul” of Gécamines, emphasizing that merely resuming mining activities will not resolve the company’s… Read More Here

The government of the Democratic Republic of Congo (DRC) has opposed Chemaf SA’s plan to sell its copper and cobalt mines to China’s Norin Mining, according to a document reviewed by Reuters. In June, Chemaf, a long-time partner of commodities trader Trafigura, announced its agreement to sell its mining operations in the DRC to a subsidiary of China North Industries Corp (Norinco), a state-backed defense and industrial giant. The sale was driven by financial difficulties that had delayed the expansion of Chemaf’s Etoile and Mutoshi projects amid falling cobalt prices.… Read More Here

On Saturday, August 17, Minister of Mines Kizito Pakapomba arrived in Fungurume and was warmly received at Tenke Fungurume Mining (TFM) Airport by CEO Wang Hanyuan, along with other senior management members and state representatives. The delegation, including Gécamines Deputy General Manager and other government officials, gathered at the foot of the plane to welcome the minister. The visit commenced with an overview of the 30K factory, TFM’s latest facility, which is expected to significantly boost copper and cobalt production once it reaches full capacity. The minister then visited the… Read More Here

The recently signed contract on March 14 between the Democratic Republic of Congo (DRC) and the Chinese Enterprise Group (GEC) continues to fuel discussions. Bodom Matungulu, president of the think tank RDC Stratégie, which specializes in public policy, argues that the renegotiated contract, known as “Amendment No. 5,” could potentially generate over $117 billion for the DRC, thanks to the significant reserves of copper and cobalt within the country’s subsoil. However, he contends that the contract represents only a small fraction of the DRC’s vast mining potential. “The deposits covered… Read More Here

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