(Bloomberg) -- The world’s No. 1 cobalt miner churned out a record volume of the metal in 2024, thanks to a speedy ramp-up of its giant mines in Africa.
China’s CMOC Group Ltd. said Monday it produced 114,165 tons of cobalt last year, according to a stock exchange filing citing preliminary data. That’s more than double its 2023 figure and surpassed earlier guidance for 2024 output, which was expected to total 70,000 tons at most.
CMOC overtook Glencore Plc in 2023 as the world’s biggest supplier of cobalt, while the breakneck pace of production at its mines in the Democratic Republic of Congo has further cemented its top position for the metal used in everything from batteries to aerospace alloys.
However, CMOC’s stunning volume has deepened a global cobalt glut and helped send prices to the lowest levels since 2016. In November, the company sounded alarm over the shrinking role of cobalt in the electric-vehicle revolution.
Cobalt is often extracted as a by-product of digging up copper, and CMOC has been eager to mine more of the red metal as it’s bullish on it in the longer term. The Chinese company said copper production surged 55% last year from 2023, topping 650,000 tons.
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