China’s Cobalt King Hits Output Goal Months Ahead of Schedule
- CMOC met its full-year production guidance in third quarter
- Prices for battery material are languishing near 8-year low
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The world’s No. 1 cobalt miner smashed through its full-year output target last quarter after a speedy ramp-up that’s piled pressure on global prices of the battery material.
CMOC Group Ltd. produced 84,722 tons of cobalt at its mines in Africa in the first nine months of this year, according to the firm’s earnings report late Monday. Its earlier output guidance for all of 2024 was 70,000 tons at the high end.