Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
China's CMOC Group has become the world's largest cobalt producer, surpassing Glencore, thanks to its Kisanfu mine in the Democratic Republic of Congo. The mine, in which CATL holds a stake, has flooded the market, contributing to a surplus. Despite this, CMOC plans to increase production. However, the price of cobalt has dropped from $40 per lb to $13, affecting project economics and Western efforts to reduce reliance on China for this critical metal.
The West is now seeking to challenge China's dominance in the region, particularly in the rich Copperbelt region spanning Zambia and the Congo. KoBold Metals, backed by Bill Gates and Jeff Bezos, is exploring the Mingomba project in Zambia, known for its high-grade copper deposits. Few Western companies have ventured into the region due to political risks, poor infrastructure, and ethical concerns surrounding artisanal mining.
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