CMOC Maintains Record Cobalt Output Amid Market Pressures
China’s CMOC Group, the world’s largest cobalt miner, plans to sustain high production levels in 2025 following a record-breaking year in 2024. The company, which operates major mining projects in the Democratic Republic of Congo, has set a target to produce between 100,000 and 120,000 tons of cobalt this year. This comes after it achieved an unprecedented output of 114,165 tons in 2024, as announced on its WeChat account.
The ramp-up at CMOC’s Tenke Fungurume (TFM) and Kisanfu (KFM) mines was the driving force behind last year’s doubling of cobalt production. Exploration efforts at TFM’s western zone and the second phase of KFM further boosted capacity. The company also targets copper output of 600,000 to 660,000 tons for 2025, slightly down from the 650,000 tons produced last year, underscoring its bullish outlook on copper’s long-term prospects.
Despite the production milestones, CMOC’s elevated cobalt output has exerted downward pressure on cobalt prices, which are at their lowest since 2016. By surpassing its 2024 full-year guidance within the first nine months of the year, the company’s rapid supply increase sent ripples through the market. The demand for cobalt, a key material in electric vehicle batteries and aerospace alloys, faces additional uncertainty as its role in EV production shrinks due to advances in battery technologies that reduce reliance on the metal.
Financially, CMOC’s preliminary net income for 2024 surged by 55% to 72% year-on-year, reaching between 12.8 billion yuan ($1.76 billion) and 14.2 billion yuan ($1.96 billion). This growth was attributed to increased production and sales, as well as stronger copper prices, according to a stock exchange filing.
