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COMPANY NEWS
AUGUST 9, 2019 / 4:40 PM / UPDATED 4 HOURS AGO
“China's CMOC seeks opportunities to beef up battery metals business -CEO

Melanie Burton

MELBOURNE, Aug 9 (Reuters) - Fresh from closing a $518 million acquisition, metals firm China Molybdenum Co (CMOC) remains open to deals that would boost business in the booming electric vehicle (EV) battery sector, the company’s chief executive said on Friday.

Cobalt, copper, nickel and lithium are expected to see increasing demand from the EV trade in the years ahead, even though once-rocketing prices for cobalt and lithium have crumpled this year on the back of a supply surge.

“I’m a believer,” Li ‘Steele’ Chaochun, Chief Executive Officer of CMOC, told a mining club luncheon in Melbourne. “We are talking about (demand trends for) 20, 30, 40 years. That’s a structural change and in a structural change we think there is a long-term opportunity.”

Li didn’t say how much CMOC might be interested in investing in new, unspecified opportunities.

Hong-Kong listed CMOC is majority owner of a huge copper-cobalt mine in the Democratic Republic of Congo (DRC). In January it agreed to boost its stake in the Tenke Fungurume mine, one of the world’s largest copper and cobalt deposits, to 80%.

CMOC has been stepping up its exposure to global metals and mining markets. Last month it completed the acquisition of all of IXM, formerly the metals business of trading house Louis Dreyfus, for $518 million.”