Category: Cobalt

A dispute over one of the biggest copper and cobalt mines is escalating in the Democratic Republic of Congo, threatening to disrupt exports of essential battery materials and raising questions about the project’s future. A top executive from state mining company Gecamines said that partner CMOC Group Ltd. owes $7.6 billion in overdue payments, and even accused the Chinese metals producer and trader of posing a threat to national security. CMOC said it denies the allegations, “strongly” opposes what it views as unjustified attacks, and will defend its rights and interests. The… Read More Here

A temporary administrator appointed by a Congolese court to run the world’s second-largest cobalt mine took control of the project’s bank accounts after majority owner CMOC refused him access to the mine, an adviser said on Wednesday. In written responses to Reuters, CMOC spokesman Vincent Zhou reiterated comments from two weeks ago that the Tenke Fungurume mine (TFM) has not changed its management, but he did not address questions about TFM’s bank accounts. A Congolese court appointed the administrator, Sage Ngoie Mbayo, in February to manage TFM for six months after… Read More Here

A shareholder dispute over one of the world’s biggest copper and cobalt mines is heating up in the Democratic Republic of Congo, after state miner Gecamines threatened to block exports or even take the mine away from its partner, China Molybdenum Co. Congo’s Gecamines, which owns 20% of the Tenke Fungurume mine’s holding company, has accused CMOC of manipulating the project’s finances and says it owes as much as $5 billion in payments.  The disagreement has extended to who is actually running the mine: a Congolese court appointed a temporary administrator… Read More Here

The mining industry in the Democratic Republic of the Congo produced 121,955 tonnes of copper in January 2022 compared to 130,508 tonnes of copper in January 2021, a drop of around 8,553 tonnes, according to figures from the Central Bank contained in its Digest of statistical information of January 13, 2022. As for cobalt, 6,498 tonnes were produced in January 2022 compared to 7,383 tonnes in January 2021, a monthly production drop of around 885 tonnes from one year to the next. Recall that in 2021, the mining industry in… Read More Here

There has been no change in control of Tenke Fungurume Mining, majority owner China Molybdenum said on Friday, contradicting a state mining company official who said a temporary administrator had taken control of the world’s second-largest cobalt producer. The secretary-general of Congo’s state mining company Gecamines told Reuters on Thursday that a court-appointed temporary administrator had officially taken charge amid a dispute between TFM shareholders. China Moly controls an 80% stake in the copper and cobalt mine, while Gecamines owns 20%. “There is no change in the management right of… Read More Here