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Key takeaways

  • Cobalt prices fell to record lows due to increased production.
  • China's CMOC Group achieved record production in 2024 and plans to maintain similar production in 2025.
  • CMOC forecasts a production range of 100,000-120,000 tons for 2025.

Cobalt prices have fallen to the lowest point since 2016 due to an increase in production. China's CMOC Group, the world's largest cobalt producer, achieved record production in 2024 and plans to maintain similar production in 2025. This is fueled by expanded operations at two mines in Africa.

CMOC's production targets

The company recently announced its 2025 production target on its WeChat account, predicting a production range of 100,000-120,000 tons. Notably, in the third quarter, CMOC exceeded its original full-year 2024 production forecast.

Cobalt and copper

On Jan. 23, 2025, the price of cobalt stood at $11.02 per pound. CMOC highlights copper as a more promising long-term investment and plans to increase its copper production between 600,000-660,000 tons in 2025. This compares with the previous year's production of 650,000 tons. Cobalt is often extracted along with copper during mining operations.

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