CMOC to spend USD1.826bln on KFM project development in the DRC

An unmanned excavator operates under remote control at Sandaozhuang Mine of CMOC Group Limited in Luanchuan County, central China's Henan Province, Aug. 12, 2020. (Xinhua/Li An)

CMOC Group Limited (603993.SH, 03993.HK) announced late Thursday to invest some 1.826 billion U.S. dollars on the phase I of Kisanfu copper-cobalt mine (KFM) project development in the Democratic Republic of Congo (DRC).

Main products of the project would be cathode copper, crude cobalt hydroxide and a small amount of copper and cobalt sulfide concentrate, the company said.

With preparatory work starting from last March, the project expects output in the first half of 2023 and could produce, converted in metal terms, about 90,000 tonnes of copper and about 30,000 tonnes of cobalt when reaching capacity.

Previous report shows CMOC indirectly acquired 95-percent stake in KFM, one of world's largest and highest-grade undeveloped copper-cobalt projects.

The company also expects synergy between KFM development and its existing Tenke Fungrume Mining (TFM) project which is only 33 kilometers away.

Headquartered in Luoyang City, central China's Henan Province, CMOC is the world's leading tungsten, cobalt and niobium producer.