News Flash
- Reuters reports that China Molybdenum Co (CMOC) is looking to tap more hydropower projects and potentially use solar energy as it expands its production of copper and cobalt in Democratic Republic of Congo.
Steele Li, vice chairman of CMOC who is also chief investment officer at CMOC , said the company was committed to hydropower through the supply arrangement it inherited when it bought a majority stake in the giant Tenke Fungurume mine in Congo in 2016.
“We continue that commitment but in the meantime we are exploring to participate in other new hydropower projects as well,” Li said, adding that solar power was one of the other initiatives the company was looking at.
Related news: Ivanhoe Copper Mine in DRC powered by hydro wants to be net carbon zero
“We have a dedicated team that is actually looking at hydropower project opportunities across the world because we think that will be one of the main areas when we are talking about green energy,” Li said.
He said CMOC was also studying power storage and batteries.
Author: Bryan Groenendaal
Source: Reuters
Related News: Re|Source, a solution to trace responsibly produced cobalt from the mine to the electric vehicle, is proud to acknowledge the progress made by Tesla in implementing the pilot project across its supply chain. Tesla has been a key partner in designing and implementing the solution, which was officially announced on 20 May 2021, across its value chain since 2019.
The pilot is being tested in real operating conditions, from upstream cobalt production facilities in the Democratic Republic of the Congo (DRC) to downstream electric vehicle productions sites. Multiple on-site pilots have already commenced in the DRC and Europe, and plans are in place to commence further pilots in Asia and the US later this year. The final pilot across the entire Tesla supply chain is expected to take place in Q4 this year. The launch of the final industry solution is expected in 2022 and is being supported by boutique block-chain technology studio, Kryha.
The founding members of Re|Source, which include CMOC, Eurasian Resources Group (ERG) and Glencore are joined by Pilot partners Umicore and other supply chain participants. The solution is also being advised by a growing number of industry associates including Norilsk Nickel and Johnson Matthey based on their experience in responsible sourcing.
The Responsible Minerals Initiative (RMI) and the Cobalt Institute (CI), two highly respected industry bodies with a deep understanding of the complexities involved in the cobalt supply chain, have also joined Re|Source as strategic advisors, supporting the implementation of world-class best practice standards across the pilot.
Learn more about Re/Source HERE
