JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
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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