China Molybdenum Co (CMOC) announced on Monday, August 22, 2022, its financial results for the first half of 2022, which met the objectives, according to the Chinese firm which has activities in Brazil, Australia, China and the Republic Democratic Republic of the Congo through Tenke Fungurume.
As for its mining operations in Katanga, particularly in Lualaba, in the first half of 2022, Tenke Fungurume produced a volume of 125,387 tonnes of copper and 10,465 tonnes of cobalt, recording a 24.4% increase in copper production. , 49.3% for cobalt compared to the same period in 2021.
For Mr. Sun Ruiwen, CEO of CMOC, the current context is a growth opportunity for his firm. “In the face of climate change, the world is looking for solutions to achieve carbon neutrality, which is driving sustained demand for new energy metals such as copper, cobalt, lithium and nickel, reinforcing the strength of demand in the long term,” said Sun Ruiwen on the sidelines of the publication of these statistics.
CMOC intends to strengthen its investments to confirm the place of the DRC on the podium of world producers of cobalt and copper, while continuing to collaborate with the communities of the TFM concession to guarantee the project a sustainable dimension. “TFM’s mixed ore project and KFM’s development are progressing as planned and will begin production in 2023, which will bring TFM an additional annual production of 200,000 tonnes of copper and 17,000 tonnes of cobalt. The Kisanfu mine is expected to produce an average of 90,000 tonnes of copper and 30,000 tonnes of cobalt,” CMOC notes.
Globally, in the first half of 2022, CMOC generated worldwide revenue of $14.02 billion, up 8% year-on-year, net profit attributable to parent 643.22 million USD, up 72% and an EBITDA of 1.72 billion USD, up 59%.
Tenke Fungurume Mining produced, during the second quarter of 2022, approximately 62,952 tons of copper cathodes and 5,357 tons of cobalt metal.
The mining company based in the Democratic Republic of Congo (DRC) has indeed paid a net amount of approximately 365.55 million US dollars (USD) in taxes and other related payments to the Treasury and other services. administrative authorities of the Democratic Republic of Congo (DRC) in the first half of 2022.
During the same period, TFM also funded visible impact community projects amounting to US$15.56 million.
Since the start of production in 2006, Tenke Fungurume Mining has disbursed US$252.07 million in direct community investment.
Below is the illustrative table of these data.
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