CMOC Increases Cobalt Output in Congo Amid Export Ban, Projects $1.1B Profit Surge
China’s CMOC Group, the world’s largest cobalt producer, reported a strong rise in output from its operations in the Democratic Republic of Congo (DRC), defying an ongoing export ban imposed by the Congolese government.
In a preliminary earnings statement released Monday, CMOC announced a 13% year-on-year increase in cobalt production, reaching 61,073 tons in the first half of 2025.
This growth occurred despite DRC’s export suspension, which was initially enacted in February and extended through September.
Congo, which supplies about 70% of the world’s cobalt, said it prolonged the ban due to a “continued high level of stock on the market,” as the government attempts to curb a global supply glut — a surplus intensified in part by CMOC’s rapid production ramp-up.
Notably, CMOC’s cobalt output remained steady even during the second quarter, when the ban was fully in effect.
Production from April to June totaled 30,659 tons, slightly higher than the 30,414 tons produced in the first quarter.
The export restrictions have had a significant impact on global markets. Spot prices for cobalt hydroxide have more than doubled since the ban was introduced.
Meanwhile, CMOC’s trading arm, IXM, has declared force majeure on some cobalt deliveries due to the suspension.
In addition to higher production, CMOC benefited from stronger pricing. The company projects a net income between 8.2 billion and 9.1 billion yuan ($1.1 billion–$1.25 billion) for the first half of the year — an increase of up to 68% compared to the same period in 2024.
The profit boost is attributed to increased sales and elevated market prices for both cobalt and copper.
Copper production, which is mined alongside cobalt at CMOC’s Congolese operations, also rose 13% year-on-year, reaching 353,570 tons in the first half.
CMOC noted that its cobalt, molybdenum, and tungsten production has exceeded expectations so far this year.
Investors have responded positively: shares of CMOC have climbed more than 50% on the Hong Kong Stock Exchange year-to-date.
As global demand for battery metals continues to rise, CMOC’s ability to maintain — and even grow — output under regulatory pressure further cements its dominance in the critical minerals market.
