China’s CMOC to invest over $1 billion in Congo copper mine expansion

Democratic Republic of the Congo

KINSHASA, October 24, 2025 – China’s CMOC Group will invest USD 1.08 billion to expand its KFM copper mine in the Democratic Republic of the Congo to boost annual output by 100,000 tonnes, Reuters reported on Friday.

The second phase of the KFM project will launch in 2027, following the first phase reaching full capacity in 2023.

CMOC said the investment would enhance its position in the global copper market but noted exposure to commodity price fluctuations and political and economic risks in the Democratic Republic of the Congo.

The company owns 71.25% of the KFM asset via a Hong Kong-based unit and also operates the Tenke Fungurume mine in the country, making both key contributors to global copper and cobalt supply for the energy transition.

CMOC Group is a Chinese mining and metals firm engaged in the production of copper, cobalt, molybdenum and rare earths. It operates globally across China, the Democratic Republic of the Congo, Brazil and Australia. In the DRC, it plays a central role in supplying critical minerals to global battery and electrification markets.

Earlier this month, Wood Mackenzie warned of a global copper shortage, forecasting a 24% demand surge by 2035. The consultancy estimates that 8 million tonnes of new mine capacity and 3.5 million tonnes of additional scrap will be needed annually to meet future supply gaps.

BloombergNEF has also projected that booming demand from artificial intelligence data centres will further tighten global copper markets, with the supply shortfall potentially reaching 6 million tonnes by 2035 due to years of underinvestment.

Photo courtesy of CMOC Group

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