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Investing.com -- China’s CMOC Group plans to invest $1.08 billion to expand its KFM copper mine in the Democratic Republic of Congo, adding approximately 100,000 metric tons of annual output capacity.
The company announced Friday that it will launch the second phase of its KFM project in 2027. The first phase of the project reached full capacity in 2023.
CMOC owns 71.25% of KFM through its Hong Kong-based subsidiary and also operates the Tenke Fungurume mine in Congo. Both mines are significant suppliers of copper and cobalt, metals that are essential for energy transition.
The investment comes at a time when copper supplies face potential shortages due to mine disruptions worldwide, including the suspension of Freeport’s flagship Grasberg project in Indonesia.
CMOC stated that the KFM expansion will strengthen its position in the global market. However, the company cautioned about possible risks from price fluctuations and political and economic uncertainty in the Democratic Republic of Congo.
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