"CMOC takes Glencore\u2019s cobalt crown as output jumps 170%"

" CMOC takes Glencore\u2019s cobalt crown as output jumps 170% \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nChina\u2019s CMOC Group boosted its cobalt output by more than 170% last year, with surging production at a new mine in the Democratic Republic of Congo helping the company leapfrog Glencore Plc as the world\u2019s top producer of the key battery metal. \r\n\r\nHong Kong-listed CMOC produced 55,526 tons of cobalt in 2023, it said in a filing on Thursday. In October, Glencore forecast output of as much as 42,000 tons. While investors and traders had been expecting a large increase at CMOC\u2019s massive Kisanfu mine \u2014 which came online in the second quarter \u2014 the full-year result exceeded the company\u2019s own production guidance by more than 20%.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nSoaring output at the $1.8 billion Kisanfu mine helped trigger a sharp slump in cobalt prices last year, alongside rising production in Indonesia and a rebound in exports from CMOC\u2019s other operation in Congo, Tenke-Fungurume. The market was already in one of its biggest ever surpluses as 2023 began, and the additional output helped drive a 30% slump in prices over the year.\r\n \r\n <img class=\"wp-image-1136167\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2024\/01\/406030277-1024x646.jpg\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2024\/01\/406030277-1024x646.jpg 1024w, https:\/\/www.mining.com\/wp-content\/uploads\/2024\/01\/406030277-300x189.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2024\/01\/406030277-768x485.jpg 768w, https:\/\/www.mining.com\/wp-content\/uploads\/2024\/01\/406030277.jpg 1296w\" alt=\"\" width=\"1024\" height=\"646\" \/> \r\n \r\nThe mismatch between supply and demand became so acute that by mid-year Glencore had started to stockpile surplus tonnages at its operations in Congo in a bid to bring the market back into balance. Glencore is set to announce its full-production results next month.\r\n\r\nCMOC\u2019s copper output also jumped by 51% to 419,539 ton, establishing it as one of the world\u2019s top producers at a time when many miners are struggling to boost output.\r\n\r\n \r\n \r\n \r\n "

"CMOC takes Glencore\u2019s cobalt crown as output jumps 170%"

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