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bolsters DRC copper-cobalt dominance with proposed Chemaf acquisition","china-bolsters-drc-copper-cobalt-dominance-with-proposed-chemaf-acquisition","article/china-bolsters-drc-copper-cobalt-dominance-with-proposed-chemaf-acquisition",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":705,"featured":51,"reporter":706,"_editable":710,"component":711,"seo_title":553,"categories":712,"visibility":721,"author_company":49,"featured_image":722,"seo_description":705,"author_full_name":49,"author_job_title":49,"formattedDate":726,"formattedArticleDate":727},"82090413-bdbc-4220-bd86-f411ed5b60f8","2024-07-04 00:00",[560,563,566],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"drc","DRC",{"slug":567,"name":568},"usa","USA",[570],{"slug":571,"name":572,"content":573},"matthew-bird","Matthew Bird",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Senior Editor - Supply Chains & Data Visualisation",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":580,"content":581},"doc",[582,589,604,609,616,621,638,651,656,665,670,675,680,685,690,695,700],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"China is set to extend its control over Democratic Republic of Congo (DRC) copper-cobalt mining, after state-owned Norin Mining (Norin) last week agreed a deal to buy Chemaf Resources (Chemaf).","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592,594,602],{"text":593,"type":588},"Chemaf’s statement said the deal would enable the company to address its existing debt obligations to creditors, with the proposed transaction set for completion in Q4. Trafigura is the company’s largest creditor, ",{"text":595,"type":588,"marks":596},"striking a $600 million deal with UAE-based Chemaf in 2022",[597],{"type":598,"attrs":599},"link",{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/trafigura-strikes-600-million-deal-for-drc-cobalt-and-copper-supply","url",{"text":603,"type":588}," to finance the development of Mutoshi and the Etoile expansion.",{"type":583,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":588},"However, Chemaf has failed to complete both projects within its existing debt facilities, citing declining copper and cobalt prices as well as inflationary pressures in the global mining sector.",{"type":610,"attrs":611,"content":613},"heading",{"level":612,"textAlign":49},4,[614],{"text":615,"type":588},"China’s grip on DRC cobalt ",{"type":583,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":588},"Chinese firms are deeply embedded in the DRC mining industry, having hoovered up several of the country’s key copper-cobalt assets over the last decade. ",{"type":583,"attrs":622,"content":623},{"textAlign":49},[624,630,632],{"text":625,"type":588,"marks":626},"China’s CMOC surpassed Glencore to become both the DRC’s and the world’s largest cobalt miner in 2023",[627],{"type":598,"attrs":628},{"href":629,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/cmoc-could-overtake-glencore-with-cobalt-production-boost",{"text":631,"type":588},", as output from its expanded Tenke Fungurume (TFM) and newly started Kisanfu (KFM) operations surged by over 170% year-on-year. The company is poised to solidify its position in 2024, ",{"text":633,"type":588,"marks":634},"reporting record supply growth in the first quarter of the year.",[635],{"type":598,"attrs":636},{"href":637,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/cobalt-surplus-risks-widening-as-cmoc-surpasses-q1-guidance",{"type":583,"attrs":639,"content":640},{"textAlign":49},[641,643,649],{"text":642,"type":588},"CMOC’s sharp supply ramp-up has led to a 20% year-on-year decrease in ",{"text":644,"type":588,"marks":645},"Benchmark CIF Asia cobalt hydroxide price",[646],{"type":598,"attrs":647},{"href":648,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/price-assessments/cobalt/reports/",{"text":650,"type":588},"s. Chinese miners are less price sensitive than their western counterparts, with strategic aims such as security of supply often taking precedence over the company’s bottom line.",{"type":583,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":588},"Moreover, copper’s recent price rally, which saw prices reach record highs in May, is incentivising miners to increase output despite bearish fundamentals for cobalt.",{"type":583,"attrs":657,"content":658},{"textAlign":49},[659],{"type":660,"attrs":661},"image",{"id":49,"alt":662,"src":663,"title":49,"source":49,"copyright":49,"meta_data":664},"","https://a.storyblok.com/f/287943243085208/43585ccbc6/bm-image-63.png",{},{"type":583,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":588},"Norin’s proposed Chemaf acquisition would take the share of cobalt supply under Chinese-majority ownership to over 60% through to the end of the decade. A level of dominance which poses considerable supply risk for the West.",{"type":610,"attrs":671,"content":672},{"level":612,"textAlign":49},[673],{"text":674,"type":588},"US seeks to counter China’s DRC hegemony ",{"type":583,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":588},"The DRC’s state-owned miner Gécamines, which leases the mining permit for Mutoshi to Chemaf, is reported to be opposed to the sale. Despite Chemaf suggesting it had already sealed approval from the DRC government.",{"type":583,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":588},"Gécamines hopes to gain a foothold in both the copper and cobalt markets, aiming to initiate a long-postponed monopoly on artisanally mined (ASM) cobalt supply in collaboration with Trafigura this year. The state-owned miner has also reportedly begun to sell its share of copper from joint-venture projects for the first time. ",{"type":583,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":588},"Norin’s acquisition of Chemaf would also deal a blow to US hopes of countering China’s influence over the DRC mining industry, according to Jorge Uzcategui, senior cobalt analyst at Benchmark ",{"type":583,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":588},"“China’s acquisition of Chemaf and its copper-cobalt assets will further cement its control over key resources in the DRC,” said Uzcategui. ",{"type":583,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":588},"“In contrast, US ambitions to build a strong mineral supply chain face significant hurdles, from financial constraints to operational complexities in the region,” he added.",{"type":583,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":588},"The US government has been attempting to facilitate a deal for Western buyers to takeover copper-cobalt mines in the DRC, which could involve lifting sanctions on the Israeli mining magnate Dan Gertler, The Financial Times reported.","China is set to extend its control over Democratic Republic of Congo (DRC) copper-cobalt mining, after state-owned Norin Mining (Norin) last week agreed a deal to buy Chemaf Resources (Chemaf). Chemaf’s statement said the deal would enable the company to address its existing debt obligations to creditors, with the proposed transaction set for completion in […]",[707],{"slug":571,"name":572,"content":708},{"job_title":574,"image":709,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"82090413-bdbc-4220-bd86-f411ed5b60f8\", \"id\": \"\"}-->","article",[713,715,718],{"slug":714,"name":115},"cobalt",{"slug":716,"name":717},"copper","Copper",{"slug":719,"name":720},"critical-minerals","Critical Minerals","private",{"id":49,"alt":662,"name":662,"focus":662,"title":662,"source":662,"filename":723,"copyright":662,"fieldtype":724,"meta_data":725,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1476eb3158/bm-drc-china-flags.jpeg","asset",{"alt":662,"title":662,"source":662,"copyright":662},"Jul 04, 2024","4th July 2024",[],[],1792773899758]