Saturday, August 2, 2025

Latest

CMOC’s Cobalt Surge Floods Global Market, Driving Eight-Year Price Low

CMOC Group Ltd., the world’s leading cobalt producer, has blown past its full-year production target in just nine months, producing 84,722 tons of cobalt from its African operations through September 2024. This output has already exceeded the company’s original upper guidance of 70,000 tons for the entire year, according to the company’s third quarter earnings report.

The dramatic increase in production has contributed to a global oversupply, pushing cobalt prices to their lowest point in eight years. CMOC, which overtook Glencore Plc as the world’s largest cobalt supplier in 2023, has achieved this remarkable output through expansion of its operations in the Democratic Republic of Congo.

The company’s success extends beyond cobalt production. Copper output, of which cobalt is a by-product, saw a 78% increase in the first nine months, with potential to reach 600,000 tons by year-end if current production rates continue. This contributed to a strong financial performance, with third-quarter net income rising 64% year-over-year to 2.9 billion yuan ($410 million), while revenues increased 16% to 51.9 billion yuan.

CMOC continues to expand its presence in central Africa’s copper belt, initiating preliminary exploration work in the western area of its Tenke Fungurume mine and phase two of the Kisanfu project. The company has also strengthened its strategic partnerships, signing a three-year supply agreement with Contemporary Amperex Technology Ltd. (CATL), the global leader in battery manufacturing and CMOC’s second-largest shareholder.

The partnership with CATL has already shown significant growth, with CATL’s purchases from CMOC more than doubling in the first eight months of 2024 compared to all of 2023, reaching $546 million. These purchases primarily consisted of nickel products, demonstrating CMOC’s expanding influence in the battery metals supply chain.


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Royal Gold Goes Big | $3.5 Billion Sandstorm Acquisition

Why Gold’s Bull Run May Just Be Getting Started! | Peter Grandich

Tariffs Spark New Race for Critical Metals | Rob McEwen

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

UPDATED: Canadian Authorities Had Tracked Balloon Since Last Weekend

UPDATED: Original story has been modified. According to sources, Canadian officials had been tracking a...

Friday, February 3, 2023, 02:17:07 PM

European Firms Appeal To China To Relax Draconian Covid-19 Policies

China’s zero tolerance Covid-19 policy is beginning to take its toll on the country’s own...

Tuesday, April 12, 2022, 03:40:00 PM

Is the Petrodollar Doomed?

For decades now, people have been asking, how can the US run twin deficits? Meaning...

Saturday, February 11, 2023, 02:05:13 PM

Rising Lithium, Cobalt Prices Provide Valuation Support For Players In EV Battery Material Space

During Tesla’s January 27th earnings call with investors, CEO Elon Musk stated that the company...

Saturday, February 6, 2021, 08:30:00 AM

Canada Halts Funding for Research Connected to Chinese Military and State Security Institutions

Just a few days after Prime Minister Justin Trudeau authorized the United States to shoot...

Wednesday, February 15, 2023, 02:18:00 PM