March 28, 2024
Mine! Luomu Group, the world's second largest cobalt mine, reaches production
Mine! Luomu Group, the world's second largest cobalt mine, reaches production time: 2024-3-28 source: Luoyang Industry and Information Bureau Recently, Luoyang Luanchuan Molybdenum Industry Group Co., Ltd.'s TFM mixed ore project invested in the Democratic Republic of the Congo successfully reached production, marking the full operation of the world's second largest cobalt mine. Luomu Group's position as the world's largest cobalt producer has once again been consolidated. It is understood that the total investment of the TFM project is 25.1 billion US dollars, making it the largest single project invested by China in the Democratic Republic of the Congo. It consists of an East District 5.6 million tons/year mixed ore production line, a 3.3 million tons/year oxide ore production line, and a Central District 3.5 million tons/year mixed ore production line. The Central District reached production in early August last year. After this production, the TFM project has 5 copper-cobalt production lines, with production capacity increasing from the original daily processing ore capacity of 15,000 tons to 63,000 tons. The annual copper production has increased to over 450,000 tons, not only ranking among the top ten copper mines in the world, but also becoming the world's second largest cobalt mine after Luoyang Molybdenum Industry's KFM project. With the support of the project, Luomu Group's copper and cobalt production is expected to continue to grow rapidly this year. According to the company's main product output and physical trade volume indicators, the company plans to produce 520,000 to 570,000 tons of copper and 60,000 to 70,000 tons of cobalt this year, an increase of over 100,000 tons of copper production capacity and over 10,000 tons of cobalt production capacity from last year. In recent years, with the continuous advancement of major mining projects, Luomu Group has become one of the few large mining enterprises in the world to maintain high-speed growth in copper production. Last year, the group achieved operating income of 186.269 billion yuan, a year-on-year increase of 7.68%, and a net profit attributable to the parent company of 8.25 billion yuan, a year-on-year increase of 35.98%, all of which reached historical highs. The person in charge of Luomu Group introduced that this year, the company will take "Lean Year" as the development theme, continue to promote tapping potential, improving quality, reducing costs, and increasing efficiency, and focus on achieving full production standards in the African region, starting construction of the Donggobi mine, increasing efficiency and reducing costs in Brazil, and achieving results in strategic new projects, pushing for more "Belt and Road" projects to land and bear fruit, and striving to move towards the strategic goal of "initially entering the ranks of the world's top mining companies".
