China Molybdenum is set to invest $2.5bn at the Tenke Fungurume mine (TFM) in the Democratic Republic of the Congo (DRC).
According to a Reuters report, the investment is expected to double the production of copper and cobalt at TFM.
Particularly, the funds will be used for building three ore production lines.
Slated to complete in 2023, the project will increase copper and cobalt output at the mine by 200,000t and 17,000t respectively.
TFM covers an area of around 1,500km² and is said to be one of the highest-grade copper and cobalt mines in the world. China Molybdenum currently owns an 80% stake in the mine after raising its holding in 2019.
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In 2019, the mine produced 177,956t of copper and 16,098t of cobalt. Last year, the output of the two metals respectively changed to 182,600t and 15,400t.
This year, the production is expected to be higher as prices of copper and cobalt are on the rise due to an increase in demand, the news agency added.
Last month, China Molybdenum commenced trial production of another TFM expansion project. This will increase copper cathode output by 88,500tpa and cobalt production by 7,280tpa.
China Molybdenum was created in 1969 and it became a private holding company after ownership reforms in 2004 and 2014.
The company primarily focuses on non-ferrous metal mining with a presence in five continents.
In April 2021, China Molybdenum agreed to sell a stake in the Kisanfu copper-cobalt mine in DRC.