• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 12 days Does Toyota Know Something That We Don’t?
  • 21 hours World could get rid of Putin and Russia but nobody is bold enough
  • 19 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days Even Shell Agrees with Climate Change!
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

The Biden administration's electric vehicle…

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Despite tightened budgets, frontier drilling…

Chinese Firm Set To Oust Glencore As World’s Top Cobalt Producer

China’s CMOC Group is expected to become the world’s biggest producer of cobalt—toppling Glencore from the top spot—after it opens a new mine in the Democratic Republic of Congo later this year, according to company filings and estimates by Bloomberg.

CMOC Group became one of the world’s dominant players in cobalt when it bought in 2016 the Tenke Fungurume mine in DRC, giving China a strong position in yet another mineral critical for the energy transition.  

Now CMOC is expected to open a new mine in DRC in the second quarter of this year, which would make it a larger producer of cobalt than Glencore.

Yet, cobalt supply from the operating Tenke mine hasn’t been exported since July 2022 due to a dispute over royalties between the Chinese firm and its Congo state-held junior partner in the venture. CMOC Group executives have signaled that the dispute could be resolved by the end of this month.

A price slump in the cobalt market in recent months was the result of a surge in supply and slower demand amid rising production in Indonesia, and an expected jump of cobalt supply out of the DRC once the CMOC Group royalty dispute is over.  

Production growth in the DRC, the world’s top cobalt supplier, and in Indonesia, a relatively new entrant in the cobalt production market, drove the surge in cobalt supply last year, according to a Darton Commodities report cited by Bloomberg.  

Another report from Darton Commodities, quoted by the Financial Times, expects that China’s share is set to hit 50% of global cobalt output in the next two years. China’s CMOC Group is the second biggest producer of cobalt in the DRC, the country providing 75% of the global supply currently. 

In cobalt refining, China’s grip on the market is even higher as it holds 77% of the global cobalt refining capacity, FT noted.   

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News