China Molybdenum will invest $2.51 billion into expanding copper and cobalt production at the Tenke Fungurume mine (TFM) in the Democratic Republic of Congo (DRC), the company said on August 7 in a filing to the Shanghai Stock Exchange.
The new investment, which includes three ore production lines with an annual processing capacity of 12.4 million tonnes, will expand its annual copper output by 200,000 tonnes and its annual cobalt output by 17,000 tonnes, according to the statement.