Cobalt needed for China39;s strategic electric vehicle sector
New projects in Congo and Indonesia fuelling glut
China39;s CMOC lifts cobalt output by 144 in nine months
FACTBOX on cobalt mines

LONDON, Dec 6 Reuters Chineseowned companies are aggressively expanding cobalt mining in Congo and Indonesia even while prices crash, as they bid to raise market share of the metal used in batteries for the country39;s electric vehicle EV industry.

Chinese cobalt producers have seemed unfazed by oversupply that has knocked prices down by more than half in the past 18 months, with some said to benefit from state support for a sector seen as vital to China39;s EV industry, as well as firmer prices of metals with which cobalt is mined, such as copper.

China39;s CMOC Group, which boosted its cobalt output by 144 during the first three quarters of 2023, is now on track to become the world39;s biggest cobalt producer, overtaking commodity group Glencore.

CMOC is due to lift its market share of the global mined cobalt market from 11 in 2022 to nearly 30 by 2025, said Jorge Uzcategui, an analyst at consultancy Benchmark Mineral Intelligence.

Its Kisanfu mine in Democratic Republic of Congo DRC is partially owned by China39;s CATL, the world39;s largest battery maker for EVs.

The group is able to operate at low costs, likely helped by receiving cheap financing from the Chinese government, Uzcategui said. CMOC is listed in Hong Kong, but according to its LinkedIn profile has…