Mining Firm ERG to Spend $1.8 Billion Doubling African Copper, Cobalt Output
- Company expects first platinum output in Zimbabwe in two years
- ERG considering building renewable energy plants in Congo
Raw cobalt is processed at a mine near Lubumbashi, the Democratic Republic of Congo.
Photographer: Lucien Kahozi/BloombergThis article is for subscribers only.
Eurasian Resources Group Sarl, the mining firm backed by Kazakhstan, plans to spend $1.8 billion doubling its African copper and cobalt output as it taps demand for metals needed for the green-energy transition.
The four-year expansion in the Democratic Republic of Congo comes after cobalt prices almost halved over the past year because of a supply glut. A projected surge in demand for the battery material as more electric vehicles are made puts ERG in a strong position, according to Chief Executive Officer Benedikt Sobotka.