China’s CMOC Group witnessed a remarkable surge in cobalt production, surpassing Glencore to become the world’s leading producer in this crucial battery metal category.
The company’s reported cobalt output of 55,526 tons in 2023, notably exceeding its initial production projections by over 20%, stemmed from robust operations at the new Kisanfu mine in the Democratic Republic of Congo (DRC).
This substantial production boost, especially from the $1.8 billion Kisanfu mine, led to a drastic drop in cobalt prices throughout the year.
The heightened output from CMOC’s Tenke-Fungurume mine in Congo and increased production in Indonesia compounded the surplus, causing cobalt prices to plummet by 30% over the year.
The growing surplus prompted Glencore to initiate stockpiling measures in Congo, aiming to restore market equilibrium.
As the market braces for Glencore’s forthcoming production results next month, CMOC has not only solidified its position as the leading cobalt producer but also marked a 51% surge in copper output,
positioning itself among the top global producers in a time when several mining entities are grappling to elevate their production levels.
