China Molybdenum Co said on Friday it would spend US$2.51 billion to roughly double production of copper and cobalt at its giant Tenke Fungurume mine in the Democratic Republic of Congo.
Copper is up 23per cent year to date on the London Metal Exchange after hitting a record high of almost US$10,750 a tonne in May, while cobalt is up 64per cent at about US$52,000 a tonne. "The project is expected to be completed and put into production in 2023," it said, adding the end-products would be copper cathodes and cobalt hydroxide.
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