China’s Wanbao Mining produces first cobalt hydroxide in Congo
China’s Wanbao Mining said on Monday it had produced the first batch of cobalt hydroxide – a chemical used in batteries for electric vehicles (EVs) – from its Pumpi mine in the Democratic Republic of Congo (DRC) on March 12.
Wanbao, a subsidiary of state-owned Chinese military supplier Norinco, said the Pumpi copper-cobalt project in Kolwezi has now been fully commissioned following the production of the first copper cathodes six months ago.
Prices for cobalt CBD0 have gained some 65% so far in 2021, hitting two-year highs of around $53,000 a tonne on resurgent EV demand in China and Europe.
Pumpi, in which Wanbao has a 75% stake, is designed to produce around 5,000 tonnes of cobalt hydroxide per year on a metal content basis; Morocco’s Managem MNG.CS holds 20% and the DRC government 5%.
