Chinese diversified metals and minerals producer CMOC reported increased copper and cobalt feedstock production in 2024, mainly driven by higher output from its operations in the Democratic Republic of Congo (DRC).
CMOC produced 114,165t metal equivalent of cobalt in 2024, more than double 55,526t a year earlier. This resulted from increased output at its Tenke Fungurume copper-cobalt mine (TFM) and the newly developed Kisanfu copper-cobalt mine (KFM) in the DRC. KFM began production in the first half of 2023.
Most of CMOC's cobalt output is flowing into China and CMOC's higher cobalt output in the DRC has increased China's feedstock imports.
China imported 172,580t of cobalt metal equivalent of intermediate products over January-November, up by 74pc from a year earlier, customs data show. About 98.7pc of the imports were from the DRC, where the world's two largest cobalt feedstock producers CMOC and Switzerland-based diversified mining and trading firm Glencore own and operate copper and cobalt associated mines.
CMOC acquired a 56pc stake in TFM from US-based base metals mining firm Freeport-McMoRan in 2016 and increased its stake in the mine to 80pc in 2017. It completed the acquisition of KFM in December 2020. CMOC and Brunp, a subsidiary of China's largest power battery manufacturer Contemporary Amperex Technology (CATL), hold 71.25pc and 23.75pc of KFM respectively, with DRC's state-owned Gecamines holding the remainder. CMOC also has a 30pc stake in Huayue Nickel Cobalt, a joint venture with Chinese key cobalt producer Huayou Cobalt and stainless steel producer Tsingshan in Indonesia's Sulawesi.
CMOC produced 650,161t of copper in 2024, up by 55pc from a year earlier and 14pc above its annual production guidance.
The firm's three new production lines at its mixed ore project at TFM reached designed capacity in the first half of 2024. TFM currently has five production lines with a combined capacity of 450,000 t/yr. The KFM mine has reached 150,000 t/yr of copper capacity.
CMOC is advancing production expansions for its next five-year plan starting from 2025, including the West Area project at TFM and the second phase of KFM, which have started preliminary exploration.
