China’s CMOC Group will spend $1.08 billion to expand its KFM copper mine in the Democratic Republic of Congo to add about 100,000 metric tons of output per year, it said on Friday.
It will launch the second phase of its KFM project in 2027. The first phase of KFM reached full capacity in 2023.
The investment comes as copper supplies face possible shortage amid mine worldwide disruptions, including the suspension of Freeport’s flagship Grasberg project in Indonesia.
CMOC owns 71.25% of KFM through its Hong Kong-based subsidiary and also operates the Tenke Fungurume mine in Congo. Both mines are key suppliers of copper and cobalt, metals key for energy transition.
CMOC said the KFM expansion will strengthen its position in the global market but warned of possible risks from price swings and the DRC’s political and economic uncertainty.
(By Dylan Duan and Tony Munroe; Editing by Louise Heavens)
