Reuters published on 10 June 2022 an article titled "China Moly Denies Congo Administrator Takes Over Its Tenke Copper-cobalt Mine" by Aaron Ross.
The secretary-general of Congo's state mining company stated earlier this week that a court-appointed temporary administrator had taken charge of Tenke Fungurume Mining (TFM), 80 percent owned by China Molybdenum, amid a dispute between TFM shareholders. China Molybdenum then denied there had been any change in the management of TFM.
The New York Times published on 28 February 2022 an article titled "Chinese Company Removed as Operator of Cobalt Mine in Congo" by Eric Lipton and Dionne Searcey.
The government of China financed the purchase of a DRC copper and cobalt mine in 2016 by China Molybdenum, which has been accused of worker safety complaints and failure to make royalty payments to the Congolese government. A DRC court removed the Chinese leadership from the mine for at least 6 months as auditors evaluate allegations against the company.
The New York Times published on 20 November 2021 an in depth story titled "A Power Struggle Over Cobalt Rattles the Clean Energy Revolution" by Dionne Searcey, Michael Forsythe, and Eric Lipton.
More than two-thirds of the world's cobalt production comes from the Democratic Republic of the Congo. Cobalt is a key component of batteries for electric vehicles. China and the US are competing for control of the market with China winning for the time being. China's goal is to control the global supply chain from the metals in the ground to the batteries themselves, no matter where they are made.
china-africa relations
