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China coy to invest $2.51bn in copper-cobalt project

China Molybdenum Co., Ltd. announced recently that it plans to invest 2.51 billion U.S. dollars in the Tenke Fungrume Mining (TFM) copper-cobalt mixed mine project in the Democratic Republic of Congo (DRC).

According to a filing to the stock exchange under the project, three production lines would be built, including a mixed ore production line with an annual capacity of 3.5 million tonnes.

The other lines are an oxidized ore production line with an annual capacity of 3.3 million tonnes and another mixed ore production line with an annual capacity of 5.6 million tonnes, the lines are expected to go into operation in 2023.

Upon completion, the project is expected to increase the average annual output of copper by about 200,000 tonnes and cobalt by about 17,000 tonnes.

It is noted that the listed company indirectly holds 80 percent interest in the TFM copper-cobalt mine in the DRC.

The TFM copper-cobalt mine has six mining rights and its mining area is more than 1,500 square kilometers.

It is one of the mining areas that have the largest reserves, highest quality copper and cobalt ores in the world.

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