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CMOC’s Cobalt Earnings Jump as Prime Minister’s Mediation Attempt Falters

Earnings statement for the first half of the year from China Molybdenum for its cobalt and copper mining unit in the Democratic Republic of the Congo.

China Molybdenum (aka CMOC/China Moly), the Chinese minerals giant running one of the Democratic Republic of Congo’s largest cobalt mines, has reported record net profits of about $606 million for the first six months of the year. Profits are up 72% year-on-year, despite ongoing disputes between CMOC and Gecamines, the DRC’s state-owned mining company. 

Gecamines alledges that CMOC underestimated cobalt reserves at the Tenke Fungurume Mine (TFM) and owes them billions in royalties. In a breakdown of its earnings (in Chinese), CMOC emphasized its contributions to the DRC: 

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