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China’s MMG halts new Congo plant after one year on cobalt slump
A Chinese State-controlled mining company mothballed a cobalt processing plant in the Democratic Republic of Congo only 15 months after opening it due to a historic slump in the price of the battery metal. MMG Lsaid it suspended operations at its new facility at the Kinsevere mine in December 2024 due to “unfavorable cobalt market conditions.” The government of Congo – which dominates production of the material used in electric vehicles – introduced a surprise four-month export ban last week to rein in oversupply and assert more control over the metal’s price.
A Chinese State-controlled mining company mothballed a cobalt processing plant in the Democratic Republic of Congo only 15 months after opening it due to a historic slump in the price of the battery metal. MMG Lsaid it suspended operations at its new facility at the Kinsevere mine in December 2024 due to “unfavorable cobalt market conditions.” The government of Congo – which dominates production of the material used in electric vehicles – introduced a surprise four-month export ban last week to rein in oversupply and assert more control over the metal’s price.
