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CATL takes stake in China Moly cobalt mine for $137.5 million

Apr 11, 2021

Source: https://www.mining.com/web/catl-takes-stake-in-china-moly-cobalt-mine-for-137-5-mln/

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Kisanfu is located 33 kilometres southwest of China Moly’s Tenke Fungurume operation, pictured here. (Image courtesy of Freeport-McMoRan Copper & Gold).

Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL) said on Sunday its subsidiary would take a stake in China Molybdenum Co’s Kisanfu copper-cobalt mine in the Democratic Republic of Congo (DRC) for $137.5 million.

The investment gives CATL access to one of the world’s largest undeveloped sources of cobalt, an ingredient in electric vehicle (EV) batteries. Cobalt prices are up more than 50% this year on surging EV demand and concerns of a supply squeeze.

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Kisanfu is located 33 kilometres southwest of China Moly’s Tenke Fungurume operation, pictured here. (Image courtesy of Freeport-McMoRan Copper & Gold).

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