Kamoto Copper Company Targets 270,000 Tons of Copper Output in DRC
Kamoto Copper Company (KCC) announced its aim to produce 270,000 tons of copper and 25,000 of cobalt in the Democratic Republic of Congo (DRC) this year, following a meeting with H.E. Prime Minister Sylvestre Ilunga Ilunkamba last Tuesday.
Global leading mining company Glencore holds 75% of KCC through its DRC unit Katanga Mining, which it privatized in April 2020 and subsequently delisted from the Toronto Stock Exchange.
According to Mark Davis, Chief Executive Officer of Katanga Mining and Head of Africa Copper for Glencore, KCC plans to reach its maximum output capacity.
“It is very important for me to meet with the Prime Minister, with whom discussions are always very productive. He sees our collaboration as a great partnership,” said Davis.
Regarding operations of the Mutanda Mining unit, Davis said the company is currently evaluating options for restart, after the venture struggled in November 2019 due to falling cobalt prices and higher costs and taxes.
Since 2009, Glencore estimates its investments in KCC and Mutanda Mining have reached $6.7 billion. Between 2009 and 2018, Glencore produced 2.23 million tons of copper and 159,400 tons of cobalt through its two subsidiaries, providing employment for nearly 16,000 workers. The company also reports that it has invested $24 million in community projects between 2016 and 2018.