Congo TFM Copper-cobalt Mixed Mine Project Is Progressing Smoothly

May 17, Luoyang Molybdenum industry announced that the company plans to invest $2.51 billion in the construction of Congo TFM copper and cobalt mixed mine project, has recently obtained the National Development and Reform Commission, the Ministry of Commerce issued the project filing, approval documents, the current construction project is progressing smoothly according to the milestone node plan.

It is understood that The Congo TFM copper-cobalt mixed ore project of Luoyang Molybdenum Industry is planning to build three production lines, which are 3.5 million tons/year mixed ore production line, 3.3 million tons/year oxidize ore production line and 5.6 million tons/year mixed ore production line respectively. It is planned to be completed and put into operation in 2023. In the future, the company expects to increase the annual output of copper by about 200,000 tons and cobalt by about 17,000 tons.

At present, Luoyang Molybdenum indirectly holds 80% interest in TFM copper and cobalt mine. The TFM copper-cobalt mine has six concessions and covers an area of over 1500 square kilometers, making it one of the largest copper-cobalt deposits in the world. The business scope of TFM copper and cobalt mine covers the exploration, mining, refining, processing and sales of copper and cobalt ores, and the main products are cathode copper and cobalt hydroxide. In the first quarter of 2022, copper output of TFM mining area was 62,400 tons, with a year-on-year growth of 25.66%. Cobalt production was 5,108 tons, up 54.78% year on year.