Partially owned by the Chinese government, China Molybdenum produced an estimated 14,800 MT of cobalt in 2021. In the DRC, the cobalt-mining company owns 80% of the Tenke Fungurume mine, which has one of the world’s largest concentrations of cobalt. Reportedly, most of Tenke Fungurume’s output is consumed by China.
China Molybdenum has committed to spending US$2.5 billion to nearly double production of copper and cobalt from the Tenke Fungurume mine. The project was slated for completion and increased production in 2023.
However, a Congolese court recently removed the company as the major operator of the mine in favor of the government. The ruling, which removes Chinese leadership of the mine for at least six months, stems from a dispute over billions of dollars in payments the Congolese government says it is owed by the Chinese owner, China Molybdenum. Source: New York Times