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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":716,"relatedVideos":717},112470799255702,"206be0f2-3215-45f9-af48-8db265d0e1bc","CMOC could overtake Glencore with cobalt production boost ","cmoc-could-overtake-glencore-with-cobalt-production-boost","article/cmoc-could-overtake-glencore-with-cobalt-production-boost",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":696,"featured":51,"reporter":697,"_editable":701,"component":702,"seo_title":543,"categories":703,"visibility":709,"author_company":49,"featured_image":710,"seo_description":696,"author_full_name":49,"author_job_title":49,"formattedDate":714,"formattedArticleDate":715},"2a640b53-cffa-4d98-b8a2-6e21fcf99927","2023-09-14 00:00",[550,553],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"cobalt-prices","Cobalt prices",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":567,"content":568},"doc",[569,576,599,604,609,614,619,628,633,638,643,648,653,666,673,678,683],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Chinese miner CMOC’s new production target for copper next year is set to significantly lift its cobalt output. This comes at a time when prices for the critical battery material have been falling amid a slower downstream demand recovery and a persistent surplus.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579,581,589,591,597],{"text":580,"type":575},"The move could help the Chinese miner extend its lead over Switzerland’s Glencore as the world’s largest cobalt producer after it potentially overtakes the latter this year. In April, CMOC ",{"text":582,"type":575,"marks":583},"ended",[584],{"type":585,"attrs":586},"link",{"href":587,"uuid":49,"anchor":49,"target":49,"linktype":588},"https://source.benchmarkminerals.com/article/cobalt-stockpile-set-to-enter-market-as-cmoc-gecamines-drc-dispute-resolved","url",{"text":590,"type":575}," a dispute with ",{"text":592,"type":575,"marks":593},"state-owned Gecamines",[594],{"type":585,"attrs":595},{"href":596,"uuid":49,"anchor":49,"target":49,"linktype":588},"https://source.benchmarkminerals.com/article/cobalt-hydroxide-prices-tumble-as-tenke-mine-in-drc-restarts-exports",{"text":598,"type":575}," in the Democratic Republic of Congo (DRC) and started production at its promising Kisanfu mine. ",{"type":570,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":575},"CMOC said it will raise its copper output in the DRC from the Tenke Fungurume mine (TFM) and the Kisanfu mine (KFM) to 600,000 tonnes in 2024. That means an increase of about 43% to 67% if it meets its guidance of 360,000 to 420,000 tonnes of copper this year. Benchmark expects CMOC’s copper production to be about 374,000 tonnes in 2023.  ",{"type":570,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":575},"Jorge Uzcategui, analyst at Benchmark, estimates that for the announced 2024 copper target of 600,000 tonnes, and based on Benchmark’s calculations of CMOC’s current cobalt to copper output ratio, CMOC could produce up to 75,000 tonnes of cobalt.",{"type":570,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":575},"However, geological variability, which would influence the copper-cobalt association across the deposit, as well as mine plans and other factors, could mean that the potential cobalt output for 2024 may be quite different. ",{"type":570,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":575},"“CMOC is coming in strong and KFM’s ramp-up is exceeding market expectations,” Uzcategui said. “Our estimates show that KFM is bound to achieve the ambitious production guidance set by CMOC for 2023.”",{"type":570,"attrs":620,"content":621},{"textAlign":49},[622],{"type":623,"attrs":624},"image",{"id":49,"alt":625,"src":626,"title":49,"source":49,"copyright":49,"meta_data":627},"","https://a.storyblok.com/f/287943243085208/5f693650dc/bm-cobalt-prices.png",{},{"type":570,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":575},"In its 2023 half-year report, CMOC reiterated plans to produce 45,000 tonnes to 54,000 tonnes of cobalt this year, of which KFM’s share is forecast to be between 24,000 tonnes to 30,000 tonnes. The Chinese miner produced 14,298 tonnes of cobalt in the first half of the year and Benchmark estimates that it will reach an annual output of about 48,000 tonnes.",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"In contrast, top cobalt miner Glencore produced 21,700 tonnes of cobalt in the first six months of the year and has forecast a production of 38,000 tonnes to 43,000 tonnes in 2023. The Swiss miner is expected to be closer to the lower end of guidance by the end of the year.",{"type":570,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":575},"For CMOC and rivals, copper is the primary metal of interest, with cobalt being a by-product that can bring in an extra share of revenue and reduce operating costs. ",{"type":570,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":575},"“With the current market dynamics, it will be interesting to see whether CMOC will aggressively push its cobalt output, and what that would mean for the market and other players in the industry,” said Uzcategui.",{"type":570,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":575},"In its second quarter report, Benchmark’s Cobalt Forecast had estimated the cobalt market to enter an era of deficit from 2027 onwards. This could be pushed back a few years if CMOC decides to produce its TFM and KFM mines at capacity.",{"type":570,"attrs":654,"content":655},{"textAlign":49},[656,658,664],{"text":657,"type":575},"“Is CMOC trying to flood the cobalt market in an attempt to control a larger share of the market and oust the marginal producers, giving them more control over ",{"text":659,"type":575,"marks":660},"prices",[661],{"type":585,"attrs":662},{"href":663,"uuid":49,"anchor":49,"target":49,"linktype":588},"https://source.benchmarkminerals.com/article/cobalts-brief-price-rally-ends-as-logistical-constraints-ease-surplus-continues",{"text":665,"type":575}," in the medium to long term? That is a possibility,” said Uzcategui.",{"type":667,"attrs":668,"content":670},"heading",{"level":669,"textAlign":49},3,[671],{"text":672,"type":575},"Cobalt prices and profit margin",{"type":570,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":575},"Cobalt prices have lately accelerated their bearish trajectory amid recent indications of a slowdown in China and muted downstream demand. CIF Asia cobalt hydroxide prices traded at $16,314 per tonne at the end of August, its lowest point since January 2018. Prices are down 39% so far this year.",{"type":570,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":575},"“Prices are unlikely to be affected in the short term as the market is already quite bearish and additional supply in the future isn’t likely to push it either direction,” said Roman Aubry, analyst with Benchmark.",{"type":570,"attrs":684,"content":685},{"textAlign":49},[686,688,694],{"text":687,"type":575},"“That being said, if CMOC doesn’t ",{"text":689,"type":575,"marks":690},"stockpile",[691],{"type":585,"attrs":692},{"href":693,"uuid":49,"anchor":49,"target":49,"linktype":588},"https://source.benchmarkminerals.com/article/china-to-stockpile-cobalt-metal-after-prices-more-than-halve",{"text":695,"type":575}," the additional cobalt, we could very well see this add additional pressure to cobalt prices next year,” said Aubury.","Chinese miner CMOC’s new production target for copper next year is set to significantly lift its cobalt output. This comes at a time when prices for the critical battery material have been falling amid a slower downstream demand recovery and a persistent surplus. The move could help the Chinese miner extend its lead over Switzerland’s […]",[698],{"slug":558,"name":559,"content":699},{"job_title":561,"image":700,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2a640b53-cffa-4d98-b8a2-6e21fcf99927\", \"id\": \"\"}-->","article",[704,706],{"slug":705,"name":115},"cobalt",{"slug":707,"name":708},"critical-minerals","Critical Minerals","private",{"id":49,"alt":625,"name":625,"focus":625,"title":625,"source":625,"filename":711,"copyright":625,"fieldtype":712,"meta_data":713,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/199879f83f/bm-tenke-1.jpg","asset",{"alt":625,"title":625,"source":625,"copyright":625},"Sep 14, 2023","14th September 2023",[],[],1780670072102]