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China's CMOC Group surpassed Glencore to become the world's top cobalt producer last year as it ramped up production at its new Kisanfu mine in the Democratic Republic of Congo. The company's production increased by 174% year over year to 55,526 metric tonnes, more than 25% of the 213,000 tonnes of global demand.
The cobalt market has been overtaken by Kisanfu, in which the massive Chinese battery company CATL holds a minority stake. According to the Cobalt Institute, one of the "biggest surpluses in recent years" occurred in 2023 when global production surpassed demand by 12,500 tonnes.
CMOC is unconcerned. Despite the cobalt price plummeting from $40 a pound in May 2022 to a current $13, the company intends to increase output further this year. Others can't afford to be so sanguine. The price implosion has upturned project economics and undermined Western hopes of reducing dependency on China for a metal critical to clean energy technology and military hardware.
But the West is now challenging China's tight grip on the mineral riches lying beneath the soil of the Congo and its neighbour Zambia. This new scramble for Africa comes with a post-colonial twist since both countries have ambitions to be major actors in the critical minerals race.
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