China’s CMOC set to boost copper production in DR Congo mine
- September 8, 2023
- Posted by: Quatro Strategies
- Categories: Africa, China, Mining & Metals, Rare Earths & Commodities
China Molybdenum Co., Ltd. (CMOC), a Chinese mining company, is poised to significantly boost its copper production in the Democratic Republic of Congo (DRC) to an impressive 600,000 metric tons next year. This substantial increase in output comes after CMOC recently resolved a dispute with the DRC’s state-owned miner, Gecamines, which led to a temporary ban on copper and cobalt exports earlier this year.
To achieve this notable expansion, CMOC plans to enhance its copper production by adding more production lines at the Tenke Fungurume Mining (TFM) facility. As a result of this initiative, copper output at TFM is projected to reach 450,000 tons in the upcoming year. Furthermore, CMOC aims to generate an additional 150,000 tons of copper at the KFM mine, previously known as Kisanfu, which began production this year.
The Chinese mining giant has not provided an output forecast for cobalt in the upcoming year. However, if successful in its endeavors, CMOC will become one of the world’s top ten copper producers, with ambitions to surpass Glencore and claim the title of the world’s largest cobalt producer.
The DRC is globally recognized as the leading supplier of cobalt and ranks third in copper production, following only Peru and Chile. CMOC has expressed its commitment to continuing the exploration of the enormous resource potential at TFM and KFM as long as the power supply shortage in the DRC is alleviated.
CMOC had previously suspended copper and cobalt exports from the DRC due to a dispute with Congolese authorities. However, the mining company resumed shipments in May 2023 and anticipates completing the de-stocking process by the end of the month, with the transportation of around 240,000 tons of copper currently in stock.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
Merz’s mega spending plan fuels Europe’s market rally, sends Euro surging
Germany’s sweeping spending plans are shaking up European markets, propelling stocks past U.S. peers and reviving the euro from its near-parity level with the dollar.
Chancellor-in-waiting Friedrich Merz vowed to do “whatever it takes” to strengthen Germany’s defense and security, echoing the famous words of former European Central Bank (ECB) chief Mario Draghi. The government plans to amend the constitution to exempt defense and security from debt limits and is also pushing for changes to EU fiscal rules.
Trade war jolts copper flows but China’s grid investment keeps prices firm
The global copper market is tightening, despite growing concerns about a broader economic downturn driven by escalating trade tensions between the U.S. and China. In a striking divergence from typical market behavior, copper — long regarded as a barometer of global industrial activity — is seeing strong pricing momentum largely due to robust Chinese buying and constrained global supply.
Prices fell sharply in early April after President Donald Trump’s sweeping reciprocal tariff regime was announced, but they have since rebounded. Copper is now up more than 8% on the London Metal Exchange (LME) since the start of 2025, outperforming equity markets such as the S&P 500, which is down over 4%. Analysts note that the physical copper market looks tight, supported by persistent demand strength in China.
Licensed traders move crude, yet Venezuela’s storage glut remains unresolved
Venezuela’s attempt to restart crude exports under a headline $2 billion U.S.-backed supply arrangement is moving again, but the pace is still too slow to unwind the inventory overhang that forced PDVSA to cut production earlier this month.
According to PDVSA documents and vessel-tracking, shipments under the new framework reached roughly 7.8 million barrels as of Wednesday, part of an effort to monetize up to 50 million barrels of crude that had accumulated in storage tanks and on stranded tankers during a near-month-long U.S. blockade.