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Commodities

Chinese cobalt producer to double Congo output with eye on top spot

China Molybdenum to invest $2.5bn for sought-after battery material

China Molybdenum produces cobalt at this facility in the Democratic Republic of the Congo. (Photo courtesy of China Molybdenum)

DALIAN, China -- China Molybdenum, the world's second-leading producer of cobalt, plans to roughly double its output to meet growing demand for the key battery material, with an eye on outstripping industry leader Swiss rival Glencore.

But China's voracious appetite for the metal has raised the alarm in the U.S. and other countries. Labor rights concerns involving its mines in the Democratic Republic of Congo could also hamper the company's ambitions.

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