CMOC Group Eyes Copper and Cobalt Market Expansion in DRC and Beyond
Chinese mining firm CMOC Group is considering acquiring additional assets in the Democratic Republic of Congo (DRC) and sees growth opportunities in South America and Indonesia, according to Julie Liang, CMOC’s vice president for ESG.
Speaking at the Africa Mining Indaba, Liang emphasized the company’s interest in expanding its presence in the DRC, particularly in copper and cobalt-rich regions, to capitalize on the growing demand for these metals driven by green technologies such as electric vehicles.
CMOC has become the world’s leading cobalt mining company, with last year’s production reaching 55,000 tons. The company aims to surpass rivals like Glencore by increasing its cobalt output forecast to 60,000-70,000 tons this year.
In addition to cobalt, CMOC aims to ramp up its copper production, with projected output between 520,000-570,000 tons this year.
Liang highlighted the potential for further production increases beyond 600,000 tons in the long run, positioning CMOC as one of the largest copper producers globally.
Despite challenges such as electricity shortages and shipping issues in the DRC, CMOC remains optimistic about its operations, particularly due to the lower-cost copper deposits it holds, allowing it to scale up cobalt production even amid price slumps.
While cobalt prices have faced short-term weakness, Liang emphasized CMOC’s focus on long-term demand fundamentals in the energy transition sector, ensuring the company’s resilience to market fluctuations.
CMOC remains committed to its operations and is confident in its ability to maintain production levels, even in the face of lower cobalt prices, as it continues to mine the metal as a by-product.
