Demand for cobalt is rising globally because of its use in electric vehicle batteries. As such, China Molybdenum (CMOC) is planning to invest as U.S. $2.51 billion to further augment output from its Tenke Fungurume mine in the Democratic Republic of the Congo (DRC), Reuters reported, citing the company’s announcement. China Molybdenum to make $2.5B investment in DRC CMOC is the second-largest global cobalt feedstock producer after Switzerland’s Glencore. Its TFM mine producing 15,400 tons of cobalt & 182,600 tons of copper in 2020.…
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