CMOC Group Eyes Expansion in Copper and Cobalt Markets, Targets DRC and Global Growth
Chinese firm CMOC Group has set its sights on expanding its footprint in key markets, including the Democratic Republic of Congo (DRC), South America, and Indonesia.
The move comes as part of CMOC’s strategic efforts to capitalize on the rising demand for metals like copper and cobalt, driven primarily by the burgeoning electric vehicle sector and green technologies.
Julie Liang, CMOC’s vice president for Environmental, Social, and Governance (ESG), outlined the company’s growth strategy during her address at the Africa Mining Indaba.
Liang underscored CMOC’s keen interest in the DRC, known for its vast copper and cobalt reserves, signaling plans for potential acquisitions and increased investments in the region.
With last year’s cobalt production hitting 55,000 tons, CMOC has solidified its position as the world’s leading cobalt mining company. Looking ahead, the company aims to surpass competitors like Glencore by ramping up its cobalt output to a projected 60,000-70,000 tons this year.
Additionally, CMOC is poised to boost its copper production, targeting an output range of 520,000-570,000 tons for the same period.
Liang expressed optimism about CMOC’s long-term production goals, hinting at potential output increases beyond 600,000 tons, which would firmly establish the company as one of the largest copper producers globally.
Despite facing challenges such as electricity shortages and logistical hurdles in the DRC, CMOC remains bullish about its operations, citing its access to lower-cost copper deposits that enable sustained cobalt production, even amidst market fluctuations.
While acknowledging short-term weaknesses in cobalt prices, Liang emphasized CMOC’s focus on the enduring demand for metals in the energy transition sector.
This forward-looking approach ensures the company’s resilience to market volatilities, underpinned by its commitment to long-term fundamentals.
With a steadfast commitment to maintaining production levels and capitalizing on market opportunities, CMOC Group reaffirms its position as a key player in the global mining landscape, poised for sustained growth and expansion in the years to come.
Additional source: Copperbelt Katanga Mining
