China's Cobalt King Hits Output Goal Months Ahead of Schedule [Financial Post (Toronto, Ontario, Canada)]
DAQO New Energy Corp. American Depositary Shares, each representing five ordinary shares (DQ)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — 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. The faster-than-expected increase has deepened a global cobalt glut and helped send prices tumbling to an eight-year low this month. The Chinese firm passed Glencore Plc last year as the world's top supplier of the metal used in everything from electric-vehicle batteries to aerospace alloys. CMOC has been expanding two huge mines in the Democratic Republic of Congo, where cobalt is extracted as a by-product of mining copper. Its output of
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