MMG mothballs cobalt processing plant in Congo

CHINA’S MMG has mothballed its cobalt processing plant in the Democratic Republic of Congo amid a slump in the price of the battery metal.Bloomberg News said on Thursday the facility at Kinsevere mine would be suspended due to “unfavorable cobalt market conditions”. Opened only 15 months ago, 1,600 tons of cobalt was sold from the plant last year.The government of Congo – which dominates production of the material used in electric vehicles – introduced a surprise four-month export ban last week to rein in oversupply and assert more control over the metal’s price.The company – in which China Minmetals Corp. owns a 67% stake – recently completed a project expected to cost as much as $600m to increase copper output and start cobalt production at Kinsevere, said Bloomberg News. The two metals are mined together in Congo, the world’s second-biggest source of copper.While MMG started commissioning the cobalt plant in September 2023, the facility was placed in so-called care and maintenance at the end of last year, the company said in its annual results presentation earlier this week.Citing an MMG spokesperson, Bloomberg News said the firm had “implemented a flexible production strategy” in deciding when to resume cobalt operations that will be “based on prices”. Meanwhile, MMG aims to increase copper production from Kinsevere by at least 40% this year, the newswire said.The post MMG mothballs cobalt processing plant in Congo appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com