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CMOC bucks tough cobalt market with plans for output increase","chinas-cmoc-bucks-tough-cobalt-market-with-plans-for-output-increase","article/chinas-cmoc-bucks-tough-cobalt-market-with-plans-for-output-increase",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":807,"featured":51,"reporter":808,"_editable":812,"component":813,"seo_title":553,"categories":814,"visibility":820,"author_company":49,"featured_image":821,"seo_description":807,"author_full_name":49,"author_job_title":49,"formattedDate":826,"formattedArticleDate":827},"bd7eda9e-1352-4d64-b8b6-cd3b019a8482","2023-11-27 00:00",[560,563],{"slug":561,"name":562},"cobalt-prices","Cobalt prices",{"slug":564,"name":565},"drc","DRC",[567],{"slug":568,"name":569,"content":570},"matthew-bird","Matthew Bird",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Senior Editor - Supply Chains & Data 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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":577,"content":578},"doc",[579,596,609,622,627,632,645,650,655,664,671,684,695,700,705,710,715,728,741,746,751,759,764,769,774,779,784,789,802],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583,586,594],{"text":584,"type":585},"Miners in the ","text",{"text":587,"type":585,"marks":588},"Democratic Republic of Congo",[589],{"type":590,"attrs":591},"link",{"href":592,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/drc-needs-to-improve-esg-of-cobalt-to-become-key-to-climate-crisis","url",{"text":595,"type":585}," (DRC) are under pressure this year as a result of low prices for copper and cobalt, with Glencore stockpiling material in the first half of the year.",{"type":580,"attrs":597,"content":598},{"textAlign":49},[599,601,607],{"text":600,"type":585},"But ",{"text":602,"type":585,"marks":603},"China’s CMOC",[604],{"type":590,"attrs":605},{"href":606,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/cmoc-could-overtake-glencore-with-cobalt-production-boost",{"text":608,"type":585}," is pushing ahead with plans for increased output, despite the weak market, aiming to overtake Glencore as the world’s largest producer, citing its confidence in the battery market. ",{"type":580,"attrs":610,"content":611},{"textAlign":49},[612,614,620],{"text":613,"type":585},"This month, cobalt hydroxide prices, CIF Asia, averaged $18,739 per tonne ($8.50 per pound), down 38% from this time last year, as reported in ",{"text":615,"type":585,"marks":616},"Benchmark’s Cobalt Price Assessment",[617],{"type":590,"attrs":618},{"href":619,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://www.benchmarkminerals.com/price-assessments/cobalt/portal",{"text":621,"type":585},".",{"type":580,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":585},"Cobalt is mined as a byproduct of copper in the DRC. Copper prices have also only risen by 1% year-to-date to $8,429 a tonne, according to the London Metal Exchange. ",{"type":580,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":585},"CMOC plans to produce 50,000 tonnes of cobalt this year, compared to Glencore’s plans for around 38,000 tonnes of the metal. ",{"type":580,"attrs":633,"content":634},{"textAlign":49},[635,637,643],{"text":636,"type":585},"“There is a bit of anxiety in the market that efforts to increase prices and reduce production are going to be pretty much outpaced by CMOC,”  ",{"text":638,"type":585,"marks":639},"Roman Aubry",[640],{"type":590,"attrs":641},{"href":642,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/video/watch/analyst-insights-what-is-behind-cobalts-bear-market",{"text":644,"type":585},", an analyst at Benchmark, said.",{"type":580,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":585},"Benchmark forecasts the cobalt market will remain in surplus until at least 2026.",{"type":580,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":585}," “If producers do nothing, that is only going to get worse,” Aubry said. ",{"type":580,"attrs":656,"content":657},{"textAlign":49},[658],{"type":659,"attrs":660},"image",{"id":49,"alt":661,"src":662,"title":49,"source":49,"copyright":49,"meta_data":663},"Cobalt prices near floor","https://a.storyblok.com/f/287943243085208/1d43c934d7/bm-cobalt-price-chart-nov-14-2023.png",{},{"type":665,"attrs":666,"content":668},"heading",{"level":667,"textAlign":49},4,[669],{"text":670,"type":585},"CMOC’s expansion",{"type":580,"attrs":672,"content":673},{"textAlign":49},[674,676,682],{"text":675,"type":585},"Three-quarters of cobalt production this year is located in the DRC, and of this, CMOC produces 26% through its ",{"text":677,"type":585,"marks":678},"Tenke Fungurume",[679],{"type":590,"attrs":680},{"href":681,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/cobalt-hydroxide-prices-tumble-as-tenke-mine-in-drc-restarts-exports",{"text":683,"type":585}," (TFM) and Kisanfu (KFM) mines.",{"type":580,"attrs":685,"content":686},{"textAlign":49},[687,693],{"text":688,"type":585,"marks":689},"Benchmark’s Cobalt Forecast",[690],{"type":590,"attrs":691},{"href":692,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://www.benchmarkminerals.com/forecasts/cobalt/reports",{"text":694,"type":585}," shows CMOC could increase its production by 30% next year as the second phase of TFM ramps up and the third phase comes online. KFM is also set to further ramp up.",{"type":580,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":585},"The company told Chinese media this month that cobalt prices were stable and in a “balanced range.” As a result the “downstream can use cobalt with more confidence,” it said.  ",{"type":580,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":585},"CMOC said it believes that “technical innovations” can improve the competitiveness of NCM batteries. As a result it had signed long-term agreements with some downstream customers to provide a stable supply, it added. ",{"type":580,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":585},"“They have not announced any plans to reduce production,” Aubry said. “In fact, most of their plans so far show that they’re going to massively increase production.”",{"type":580,"attrs":711,"content":712},{"textAlign":49},[713],{"text":714,"type":585},"CMOC is primarily concerned with increasing their copper production and being one of the major players in the copper market, while the cobalt by-product brings in a nice additional credit, according to Jorge Uzcategui, an analyst at Benchmark.",{"type":580,"attrs":716,"content":717},{"textAlign":49},[718,720,726],{"text":719,"type":585},"Last year, CMOC was hit with ",{"text":721,"type":585,"marks":722},"export restrictions",[723],{"type":590,"attrs":724},{"href":725,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/congo-court-ejects-china-moly-from-tenke-cobalt-mine",{"text":727,"type":585}," by the DRC government. They continued to operate despite the restrictions leading to a large build up of stockpiled material.",{"type":580,"attrs":729,"content":730},{"textAlign":49},[731,733,739],{"text":732,"type":585},"The ",{"text":734,"type":585,"marks":735},"restrictions were lifted in April this year",[736],{"type":590,"attrs":737},{"href":738,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/cobalt-stockpile-set-to-enter-market-as-cmoc-gecamines-drc-dispute-resolved",{"text":740,"type":585},", but the company is still selling this material into the market.",{"type":580,"attrs":742,"content":743},{"textAlign":49},[744],{"text":745,"type":585},"Uzcategui suggests that this would reduce the likelihood that CMOC would plan to stockpile anymore copper or cobalt material.",{"type":580,"attrs":747,"content":748},{"textAlign":49},[749],{"text":750,"type":585},"That’s the opposite of its main rival Glencore. ",{"type":580,"attrs":752,"content":753},{"textAlign":49},[754],{"type":659,"attrs":755},{"id":49,"alt":756,"src":757,"title":49,"source":49,"copyright":49,"meta_data":758},"Cobalt hydroxide market in near term surplus","https://a.storyblok.com/f/287943243085208/d5eb6fe23d/bm-cobalt-market-balance-q3-2023.png",{},{"type":665,"attrs":760,"content":761},{"level":667,"textAlign":49},[762],{"text":763,"type":585},"Glencore to produce less ",{"type":580,"attrs":765,"content":766},{"textAlign":49},[767],{"text":768,"type":585},"Glencore, the world’s largest cobalt producer, stockpiled metal in the first half of this year, in response to the low-price environment and oversupply of cobalt. ",{"type":580,"attrs":770,"content":771},{"textAlign":49},[772],{"text":773,"type":585},"Glencore’s year to date cobalt production, as of the third quarter, fell by 2% compared to 2022, from 33,100 tonnes in 2022 to 32,500 tonnes in 2023.",{"type":580,"attrs":775,"content":776},{"textAlign":49},[777],{"text":778,"type":585},"This was mainly due to lower grades at its Mutanda mine in the DRC, which may reduce production even further, Reuters reported this week. ",{"type":580,"attrs":780,"content":781},{"textAlign":49},[782],{"text":783,"type":585},"Looking ahead, Glencore has stated that its production guideline for 2023 remains unchanged from their previous estimate, with an expected production of 38,000 tonnes of cobalt throughout the calendar year.",{"type":580,"attrs":785,"content":786},{"textAlign":49},[787],{"text":788,"type":585},"This may be reduced by around 5,000 tonnes due to depleting ore grades, Reuters reported. ",{"type":580,"attrs":790,"content":791},{"textAlign":49},[792,794,800],{"text":793,"type":585},"Exports of cobalt from the DRC have also recently been ",{"text":795,"type":585,"marks":796},"impacted by a trucker strike",[797],{"type":590,"attrs":798},{"href":799,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/cobalt-hydroxide-prices-rise-as-truck-shortages-slows-freight-out-of-drc",{"text":801,"type":585}," significantly slowing movement of copper and cobalt from mines in the DRC through Zambia to ports such as Durban in South Africa.",{"type":580,"attrs":803,"content":804},{"textAlign":49},[805],{"text":806,"type":585},"However inventories in Asia and China are understood by Benchmark to be able to meet cobalt hydroxide demands for the rest of the year.","Miners in the Democratic Republic of Congo (DRC) are under pressure this year as a result of low prices for copper and cobalt, with Glencore stockpiling material in the first half of the year. But China’s CMOC is pushing ahead with plans for increased output, despite the weak market, aiming to overtake Glencore as the […]",[809],{"slug":568,"name":569,"content":810},{"job_title":571,"image":811,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bd7eda9e-1352-4d64-b8b6-cd3b019a8482\", \"id\": \"\"}-->","article",[815,817],{"slug":816,"name":115},"cobalt",{"slug":818,"name":819},"critical-minerals","Critical Minerals","private",{"id":49,"alt":822,"name":822,"focus":822,"title":822,"source":822,"filename":823,"copyright":822,"fieldtype":824,"meta_data":825,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/197ae295cf/bm-mutanda-mine.jpg","asset",{"alt":822,"title":822,"source":822,"copyright":822},"Nov 27, 2023","27th November 2023",[],[],1792773907544]