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: 

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by Eric Olander

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C
3
China, U.S. Ink Rare Earth Deal; More Trade Pacts Coming
4
Chinese Cargo Planes Secretly Ferrying Supplies to Iran, Claim Online Sleuths
5
Six Million Donkeys Slaughtered for Chinese Medicine: Charity
6
Indonesia Begins $5.9 Billion Chinese EV Battery Project Despite Environment Fears

You Might Like

Mining Giant BHP Says Demand Strong as China Recovers

Australian mining giant BHP reported strong demand for its output Tuesday despite global trade and economic uncertainties, citing early signs of a recovery in China. Sales of key commodities iron ore, copper, and ...

China’s Cobalt Mining Giant in the DR Congo is in Trouble (Again)

The phone many of you are using to read this article and all those electric vehicles on the roads rely on cobalt, a strategically vital metal that comes from one of the saddest ...

Two Events in China and the DR Congo Illustrate Why the Race for Cobalt Supplies is So Important

Soaring demand for electric cars and trucks is sparking a buying frenzy for the critical ingredients used to make the batteries in those vehicles, namely cobalt. Prices for the metal ...

DRC Take Note: China’s BYD Says It’ll No Longer Used Cobalt in Its Electric Vehicles

Shenzhen-based electric vehicle giant BYD (aka Build Your Dreams), the world’s second-largest EV-maker, recently made a stunning announcement that it will no longer use cobalt in any of its ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP