With no recovery in sight, lithium prices force miners to reevaluate output
The price of the material that’s vital to the energy transition has plunged by around 80% since late 2022.
China Molybdenum, operator of the giant Tenke Fungurume mine in the Democratic Republic of Congo, on Friday said it was targeting production of 16,500-20,100 tonnes of cobalt in 2021.
That is an increase of about 18% on the 14,000-17,000 tonnes targeted in 2020.
Prices for battery metal cobalt on the London Metal Exchange are up 28.9% so far this year on Chinese stockpiling and concerns of supply disruption.
China Moly also said in filing to Shanghai Stock Exchange that it is targeting copper production of 187,300-228,900 tonnes in 2021, up 14-15% from 163,000-200,000 tonnes in 2020.
(By Tom Daly; Editing by David Goodman)
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