Cobalt - Copperbelt Katanga Mining

DRC’s Cobalt Prices Plunge Despite Global Supply Dominance

December 1, 2023December 1, 2023 Constance

The Democratic Republic of Congo (DRC), renowned for supplying 70% of the world’s cobalt, confronts a significant downturn in cobalt prices. Finance Minister Nicolas Kazadi highlighted the staggering drop in cobalt prices from $81,000 to $31,000 per tonne within a year, expressing deep concerns about this drastic plunge. As of November 23, 2023, copper prices surged by 2.27% to $8,306.35 per tonne. In contrast, cobalt prices experienced a slight 0.03% decline, reaching $32,737.31 per tonne, according to the Central Bank of Congo (BCC). Minister Kazadi stressed the challenge the DRC… Read More Here

Mining in DRC Battery Metals Cobalt

Glencore’s Mutanda Mine Faces Cobalt Output Decline Due to Ore Depletion

November 30, 2023November 30, 2023 Constance

Glencore’s Mutanda mine in Congo is confronting a significant reduction in cobalt production, projected to be up to 15% less per year, according to sources familiar with the situation. The decline in cobalt output at Mutanda is attributed to diminishing surface oxide ore deposits. To tackle this challenge, Glencore is exploring the necessity of investing in the extraction and processing of sulphide ores located deeper underground, as indicated by the sources. The London-based mining company is currently engaged in a comprehensive feasibility study aimed at evaluating the required investment and… Read More Here

Mining in DRC Cobalt Copper Economy

2022 Sees Dramatic Surge in DRC Exports Fueled by Mining and Hydrocarbons

November 27, 2023November 27, 2023 Constance

In 2022, Congo witnessed a substantial surge in exports, marking a notable 29.3% increase, primarily fueled by the external sales of mining and hydrocarbon products. According to the Central Bank of Congo’s 2022 Monetary Policy report, exports soared to $28.68 billion, surpassing imports totaling around $26.70 billion. Mining and hydrocarbon exports dominated the landscape, accounting for a staggering 99.4% of the total exports. This surge was largely attributed to the significant uptick in copper and cobalt export volumes, recording respective increases of 40.1% and 23.9%. These increases were propelled by… Read More Here

Mining in DRC Cobalt

Chinese-Owned Mining Companies in DRC Deny Allegations of Child Labor and Market Monopoly

November 26, 2023November 26, 2023 Constance

In response to allegations of employing minors and monopolizing the cobalt market in the Democratic Republic of Congo (DRC), mining companies backed by Chinese capital have vehemently denied these claims. The rebuttal was outlined in a formal statement received by Deskeco on Friday, November 24, countering assertions made during the American Congress’s Executive Commission on China held on November 14. The Union of Mining Companies with Chinese Capital operating in the DRC expressed firm opposition to the accusations, asserting that such claims are unfounded and do not accurately represent the… Read More Here

Mining in DRC Cobalt Copper Electricity

CMOC Group Faces Hurdles in DRC Cobalt and Copper Expansion Amid Electricity Woes

November 24, 2023November 24, 2023 Constance

Chinese mining giant CMOC Group foresees challenges in the expansion of its cobalt and copper production in the Democratic Republic of Congo (DRC) due to ongoing electricity supply issues in the region. The DRC, a leading global supplier of cobalt and a prominent copper producer, faces persistent power shortages and logistical hurdles in exporting metals via ports in South Africa, Tanzania, and Namibia. CMOC’s Tenke Fungurume mine was among those affected by recent disruptions caused by a wildcat strike among truckers, leading to stranded copper and cobalt shipments. While the… Read More Here

Mining in Zambia Cobalt Copper Mining in DRC Transport and Logistics

Resolution Reached in DRC Truckers’ Strike Affecting Copper and Cobalt Exports

November 15, 2023November 15, 2023 Constance

A recent truckers’ strike in the Democratic Republic of Congo, which disrupted copper and cobalt exports, has been successfully resolved, according to sources familiar with the situation. The strike, initiated by drivers in Kolwezi at the end of October, primarily centered around demands for increased danger pay for transporting green-energy metals. This standoff posed a threat to major mining companies such as Glencore Plc, CMOC Group Ltd., and Ivanhoe Mines Ltd., all of which operate significant mines in the region. As the world’s leading cobalt producer and a major copper… Read More Here

Mining in DRC Cobalt Copper Gold Governance

DRC’s Subcontracting Set to Capture $8.29 Billion in the Mining Sector in 2022

November 15, 2023November 15, 2023 Constance

Subcontracting in the Democratic Republic of Congo (DRC) is emerging as a substantial economic driver, poised to significantly contribute to the country’s economic development. In 2022, this sector is anticipated to yield over $8.29 billion, particularly from the mining industry’s production. During a briefing held on Monday, October 13, 2023, by the Minister of Communication and Media, Patrick Muyaya, Miguel Kashal, the Director General of ARSP, highlighted that the cost of production in the mining sector is 35%. This 35% represents the share allocated to subcontracting companies, linking the success… Read More Here

Mining in DRC Artisanal mining Cobalt Copper

Artisanal Mining Realities in Kamilombe

November 12, 2023November 12, 2023 Constance

In the heart of the Democratic Republic of Congo’s (DRC) Lualaba province lies the artisanal mining site of Kamilombe, a place where thousands of young people gather with the hope of benefiting from the region’s abundant copper and cobalt deposits. However, this promising venture comes with challenges and risks that need attention. At Kamilombe, cooperatives like CMDS oversee around 15,000 artisanal diggers spread across approximately 1,800 wells. These hardworking individuals face perilous conditions due to a lack of proper safety measures and infrastructure. The absence of personal protective equipment contributes… Read More Here

Mining in DRC Cobalt Copper

Tenke Fungurume Reports Strong Third-Quarter Production and Significant Contributions to the DRC

November 10, 2023November 10, 2023 Constance

In the third quarter of 2023, Tenke Fungurume Mining (TFM) achieved notable milestones, producing approximately 69,755 tonnes of copper cathodes and 5,686 tonnes of cobalt metal in the form of cobalt hydroxide. The company’s tax and related payments to the National Treasury and other public administrative services of the Democratic Republic of Congo amounted to approximately USD 361.57 million during the same period. TFM’s new crushing facilities demonstrated excellent performance, boasting an average capacity of 34,696 tonnes per day in the third quarter. The company also emphasized its commitment to… Read More Here

Mining in DRC Cobalt Copper

Truckers Strike in DRC Strands Copper and Cobalt Supplies

November 8, 2023November 8, 2023 Constance

A truckers strike in Kolwezi, Democratic Republic of Congo (DRC), has left copper and cobalt produced by companies such as Glencore and CMOC stranded, impacting global supplies of these crucial materials. As the strike enters its third week, around 2,700 trucks carrying approximately 89,000 metric tons of copper are immobilized in Kolwezi. Copper is essential for power generation and construction, while cobalt is a key component in rechargeable batteries used in electric vehicles, making both materials vital for the ongoing energy transition. A Reuters survey in November revealed expectations of… Read More Here