China Molybdenum raises annual cobalt output target by 18%
Processing facilities at Tenke Fungurume mine in 2016 before the CMOC acquisition. (Image courtesy of Lundin Mining.)
China Molybdenum, operator of the giant Tenke Fungurume mine in the Democratic Republic of Congo, on Friday said it was targeting production of 16,500-20,100 tonnes of cobalt in 2021.
That is an increase of about 18% on the 14,000-17,000 tonnes targeted in 2020.
Prices for battery metal cobalt on the London Metal Exchange are up 28.9% so far this year on Chinese stockpiling and concerns of supply disruption.
China Moly also said in filing to Shanghai Stock Exchange that it is targeting copper production of 187,300-228,900 tonnes in 2021, up 14-15% from 163,000-200,000 tonnes in 2020.
(By Tom Daly; Editing by David Goodman)
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