China Molybdenum (CMOC) plans to invest $2.51bn to double copper and cobalt production at its Tenke Fungurume mine (TFM) n the Democratic Republic of Congo (DRC).
China Moly stated that the investment will be used to construct three ore production lines, which will increase output for copper by 200,000mt, to achieve an overall volume of 12.4mn mt annually, construction is expected to finish by 2023.
Trial production started in July on another TFM expansion project, that is expected to increase output by 88,500mt of copper annually. The mine produced approximately 182,600mt of the red metal last year.