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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":649,"relatedVideos":650},112472945880634,"91daa15c-927e-4df9-98bf-aa7a83e4407d","Congo court ejects China Moly from Tenke cobalt mine","congo-court-ejects-china-moly-from-tenke-cobalt-mine","article/congo-court-ejects-china-moly-from-tenke-cobalt-mine",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":628,"featured":50,"reporter":629,"_editable":633,"component":634,"seo_title":543,"categories":635,"visibility":641,"author_company":49,"featured_image":642,"seo_description":628,"author_full_name":49,"author_job_title":49,"formattedDate":647,"formattedArticleDate":648},"7980937c-a5dd-4625-866c-ae9add2b503b","2022-03-01 00:00",[550],{"slug":551,"name":552},"drc","DRC",[554],{"slug":555,"name":556,"content":557},"matthew-bird","Matthew Bird",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Senior Editor - Supply Chains & Data Visualisation",{"filename":560},"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":564,"content":565},"doc",[566,573,578,583,588,593,598,603,608,613,618,623],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"A court in the Democratic Republic of Congo has temporarily removed China Molybdenum as the operator of the Tenke Fungurume cobalt and copper mine, in a significant escalation of a dispute between the world’s second-largest cobalt producer and the Congolese government.","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"The Commercial Court in Lubumbashi said China Moly would be removed from running the mine for at least six months, according to a copy of the document released by the New York Times. A third-party administrator would be appointed.",{"type":567,"attrs":579,"content":580},{"textAlign":49},[581],{"text":582,"type":572},"The announcement comes just two weeks after China Molybdenum’s chief executive Sun Ruiwen spoke with the DRC’s President Felix Tshisekedi on a video conference call. The two sides discussed creating a supply chain for “new energy metals,” CMOC said.",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":572},"The legal action comes as the cobalt supply chain is already under pressure due to high demand from the battery sector, compounded by Covid-19 related logistics issues. China Moly had planned to increased cobalt production to between 17,500 tonnes and 20,500 tonnes this year, from 18,500 tonnes in 2021.",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":572},"“That supply chain is already stressed as demand for cobalt is pretty good,” Caspar Rawles, chief data officer at Benchmark, said. “Should the court ruling hinder smooth exports of material this will exacerbate multi-year high prices.”",{"type":567,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":572},"Prices for cobalt metal are trading at a three-year high. Prices for cobalt hydroxide, the form of the metal exported from the Congo, have risen by 44.0% year-over-year, according to Benchmark’s Cobalt Price Assessment.",{"type":567,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":572},"Chinese imports of cobalt from the DRC rose only 2.4% last year compared to 2020, despite a 30% increase in demand, according to Rawles, due to logisitical problems. Shipments are still being delayed by around two to three months, he said.",{"type":567,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":572},"As a result inventories of cobalt feedstock at refineries in China are “thin on the ground,” he said.",{"type":567,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":572},"The Congolese government alleges that China Moly has not paid enough royalties from the mine and has not accurately reported the total copper and cobalt reserves it holds. The legal action was taken by the DRC’s state-owned mining companies, Gecamines, which owns 20% of the Tenke project.",{"type":567,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":572},"Last August President Tshisekedi’s government created a commission to examine the reserves and resources of cobalt and copper at the Tenke Fungurume site.",{"type":567,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":572},"Tenke is the second largest cobalt producer in the DRC after Glencore and accounted for around 10% of global cobalt supply last year, according to Benchmark. Its cobalt production rose by 17% to 18,500 tonnes, according to the company.",{"type":567,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":572},"Chinese mining companies have been the biggest investors in the DRC over the past decade, and now control a majority of the mining projects. Trade between the DRC and China was $14.4 billion in 2021, according to official statistics.","A court in the Democratic Republic of Congo has temporarily removed China Molybdenum as the operator of the Tenke Fungurume cobalt and copper mine, in a significant escalation of a dispute between the world’s second-largest cobalt producer and the Congolese government. The Commercial Court in Lubumbashi said China Moly would be removed from running the […]",[630],{"slug":555,"name":556,"content":631},{"job_title":558,"image":632,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7980937c-a5dd-4625-866c-ae9add2b503b\", \"id\": \"\"}-->","article",[636,638],{"slug":637,"name":115},"cobalt",{"slug":639,"name":640},"critical-minerals","Critical Minerals","private",{"id":49,"alt":643,"name":643,"focus":643,"title":643,"source":643,"filename":644,"copyright":643,"fieldtype":645,"meta_data":646,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/539f2b6e6b/bm-tenke.jpg","asset",{"alt":643,"title":643,"source":643,"copyright":643},"Mar 01, 2022","1st March 2022",[],[],1781882632576]