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Category: Cobalt

DRC Showcases Cobalt Dominance at Africa-Spain Business Summit in Barcelona 1 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 2 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 3 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 4 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 5 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
Civil Society Calls for Transparency on Child Labor Statistics in DRC Mining 6 Mining in DRC Artisanal mining Cobalt Copper 

Civil Society Calls for Transparency on Child Labor Statistics in DRC Mining

Constance
During the 19th edition of DRC Mining Week in Lubumbashi, Grant Leaity, UNICEF’s representative in the DRC, alarmed attendees with statistics suggesting that around 361,000 children are engaged in copper and cobalt mining in Haut-Katanga and Lualaba provinces. This revelation has prompted Congolese civil society to raise concerns and demand further verification and transparency regarding these figures. In response to UNICEF’s statement, Congolese civil society has expressed reservations about the reported numbers of child laborers in mining sites. They emphasize the need for additional information and rigorous verification of these… Read More Here
Cobalt Market in DRC Faces Temporary Slowdown but Long-Term Prospects Remain Strong 7 Mining in DRC Battery Metals Cobalt 

Cobalt Market in DRC Faces Temporary Slowdown but Long-Term Prospects Remain Strong

Constance
Cobalt, a crucial mineral for the energy transition, experienced a temporary slowdown in 2023, according to a new report from the Cobalt Institute. However, the long-term outlook remains promising due to rising demand for electric vehicles and lithium-ion batteries. The report highlights that battery-related applications accounted for 73% of cobalt demand, with electric vehicles alone driving 96% of the growth in 2023. Despite market disruptions and fluctuations, the industry has shown remarkable adaptability and endurance, says Dinah McLeod, Managing Director of the Cobalt Institute. In 2023, global cobalt supply increased… Read More Here
Chemaf SA Sells Congolese Assets to Norinco Amid Debt Settlement with Trafigura 8 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 9 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

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