CMOC Reports Significant Growth in Copper and Cobalt Production for Q1
Chinese mining company CMOC announced substantial increases in copper and cobalt production for the first quarter of the year, showcasing growth rates of 123% and 392%, respectively.
Operating primarily in the Democratic Republic of Congo, CMOC reported production figures of 147,500 metric tons of copper and 25,200 tons of cobalt during the first three months of the year.
The company’s Tenke Fungurume Mining (TFM) site expanded its mining capacity in March, elevating its annual capacity to 450,000 tons of copper and 37,000 tons of cobalt. This achievement propels TFM into the ranks of the world’s top 10 copper mines, according to CMOC.
Following a resolution of disputes with the country’s state miner in April, CMOC has been intensifying its efforts to boost output and exports.
In 2023, CMOC’s cobalt output reached 55,526 tons, surpassing Swiss-based Glencore to become the world’s leading cobalt producer.
During the first quarter of this year, copper sales surged to 125,500 tons, a significant increase compared to the previous year, while cobalt sales rose to 243,000 tons, marking a remarkable 24-fold increase.
Looking ahead, CMOC has set ambitious targets for 2024, aiming for copper production ranging from 520,000 to 570,000 tons, compared to 419,539 tons achieved in 2023.
This projection reflects the company’s continued commitment to expansion and growth in the copper mining sector.
