When it was announced in 2023 that the African Union would become a full member of the G20, I darkly joked on a podcast that the AU’s entry into the body could very well mark the moment the G20 lost its status as one of the most important global coordination forums. Mark my words, I said, soon The Economist will be like “Uhhh, the G20 is OVER – it’s the ...
Tag: China Molybdenum (CMOC)
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China’s CMOC Group Announces Strong Earnings as Market is Split Over DRC’s Cobalt Export Ban
The world's largest cobalt producer, China's CMOC Group, announced record earnings for 2024 with net income jumping 64% to $1.9 billion, well above analyst estimates. These results are particularly impressive given the fact that cobalt prices hovered near record lows last ...
Even CMOC is Now Worried About the Rock Bottom Price of Cobalt
For much of the past two years, Chinese mining giant CMOC Group Ltd. has been producing vast quantities of cobalt from its enormous mines in the Democratic Republic of the Congo. The company's producing so much of the blue metal that it ...
Senior U.S. Diplomat Accuses Chinese Company of “Predatory” Tactics to Depress Cobalt Prices
The top U.S. diplomat for energy and the environment, Jose Fernandez, accused Chinese mining giant CMOC of using "predatory" practices to intentionally flood the market with cobalt to suppress prices: “What we’re seeing now, I feel, is a variation of predatory pricing ...
With Prices Low, China Moves Quickly to Secure Supplies of Critical Metals
The year-long plunge in the prices of critical materials used to manufacture electric vehicle batteries, namely nickel, cobalt, and lithium, is destroying the bottom lines of Western mining companies. Mining companies in Australia, Canada, and several European countries are laying off ...
How China’s CMOC Came Out Ahead in $2 Billion Settlement to End Congo Mining Feud
Chinese mining giant CMOC announced that it has settled a years-long dispute with the DR Congo's state-run mining company Gécamines that both sides hope will conclude a bitter feud between the two firms over royalty payments from the massive Tenke Fungurume mine (TFM), one of the world's ...
WEEK IN REVIEW: Solomon Islands Signs Police Cooperation Agreement With China
The Solomon Islands signed a police cooperation agreement with China, as part of upgrading their ties to a strategic comprehensive partnership. This resulted from a state visit by Prime Minister Manasseh Sogavare to Beijing, and follows alarm in the U.S. and Australia due to a joint security pact ...
Why China Wins and the West Loses When the Price of Cobalt Drops
U.S. and European automakers are rejoicing over the 30% plunge in cobalt prices this year, providing relief for one of the costliest elements needed to power electric vehicles. But what's good for Tesla, Ford and VW is not aligned with the ...
Turns Out, There Are Grievances on Both Sides of the China-DR Congo Relationship
Ahead of President Tshisekedi's arrival in Beijing on Wednesday, Foreign Minister Qin Gang met his Congolese counterpart Christophe Lutundula yesterday. Beyond the formalities and diplomatic courtesies reaffirming the strength of relations between the two countries, Qin made a comment that may ...
Difficult Conversations Underway in Beijing About China’s Mining Interests in the DR Congo
Even before DR Congo President Félix Tshisekedi arrived in Beijing on Wednesday, his ministers fanned across the Chinese capital earlier this week to lay the groundwork for what are going to be delicate negotiations over a pair of large, yet very contentious Chinese mining projects in the DRC. ...
What’s At Stake During Félix Tshisekedi’s China Trip?
The President of the Democratic Republic of Congo, Félix Tshisekedi, is making a landmark trip to Beijing the week. It comes amid ongoing controversy both domestically and internationally, about the economic dominance of massive Chinese investments in the central African country. ...
The U.S.-China Cobalt Test in the DR Congo
There's a lot of talk these days in Washington policy circles about the urgent need for the United States to "de-risk" or "de-couple" itself from Chinese supply chains needed to manufacture batteries required to power the green mobility revolution. A lot ...
CMOC Deal Signals A New Moment in China-DRC Relations, With Possible Global Impacts
Shares in China Molybdenum (aka CMOC) jumped by 10% in Shanghai and 12% in Hong Kong on the news that the mining giant reached a deal with the Democratic Republic of Congo that will allow it to resume copper and cobalt exports from the Tenke Fungurume mine, one of ...