Chinese mining company CMOC Group has boosted its cobalt output by more than 170% last year to 55 526 tonnes, overtaking Glencore as the world’s top producer of the critical mineral.
According to Bloomberg, the miner achieved this result by ramping up production at a new Kisanfu mine in the Democratic Republic of Congo. The full-year cobalt production result exceeded the company’s own guidance by more than 20%.
Cobalt market supply soared last year and prices fell helped by the soaring output at the $1.8-billion Kisanfu mine as well as rising production in Indonesia and a rebound in exports from CMOC’s other operation in Congo, Tenke-Fungurume. The surplus persisted through 2023 as prices slumped around 30%.
The mismatch between supply and demand became so acute that by mid-year Glencore, forecasting its cobalt output at 42 000 tonnes per year in October, had started to stockpile surplus tonnages at its operations in Congo in a bid to bring the market back into balance.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
