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WEEK IN REVIEW: Chinese Mining Giant CMOC Surpassed Swiss Rival Glencore to Become Largest Cobalt Producer in DRC

Local workers at the massive Chinese-owned Tenke Fungurume copper and cobalt mine in the Democratic Republic of Congo. Image: Emmet Livingstone / AFP

Chinese mining giant CMOC surpassed its Swiss rival Glencore to become the largest cobalt producer in the DR Congo. The Chinese company boosted production from its Congolese mines in 2023 by 170%. The production surge helped to depress cobalt prices that slumped 30% last year: (BLOOMBERG)

Iran is withholding oil shipments to China, its larger customer, as part of an effort to boost the price of its crude. Tehran’s national oil company is reportedly reluctant to sell deeply-discounted oil to China’s independent refiners and hopes holding back shipments will force them to pay more. (REUTERS)

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