CMOC’s Cobalt Earnings Jump as Prime Minister’s Mediation Attempt Falters

China Molybdenum (aka CMOC/China Moly), the Chinese minerals giant running one of the Democratic Republic of Congo’s largest cobalt mines, has reported record net profits of about $606 million for the first six months of the year. Profits are up 72% year-on-year, despite ongoing disputes between CMOC and Gecamines, the DRC’s state-owned mining company. 

Gecamines alledges that CMOC underestimated cobalt reserves at the Tenke Fungurume Mine (TFM) and owes them billions in royalties. In a breakdown of its earnings (in Chinese), CMOC emphasized its contributions to the DRC: 

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The post CMOC’s Cobalt Earnings Jump as Prime Minister’s Mediation Attempt Falters appeared first on The China Global South Project.



source https://chinaglobalsouth.com/2022/08/23/cmocs-cobalt-earnings-jump-as-prime-ministers-mediation-attempt-falters/

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