【SMM Flash】Tengyuan Cobalt Plans to Redirect RMB 949 Million of IPO Proceeds to DRC Lufupa Hydropower Project

Published: Sep 22, 2026 17:17 (GMT+8)

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【Tengyuan Cobalt Plans to Redirect RMB 949 Million of IPO Proceeds to DRC Lufupa Hydropower Project】Tengyuan Cobalt's 2026 first extraordinary general meeting approved a proposal to change part of its IPO-funded projects. The company plans to reduce the planned capacity of its ternary precursor project from 80,000 mt/year to 20,000 mt/year, releasing RMB 948.75 million in proceeds, equivalent to 18.23% of its net IPO proceeds. The funds will be redirected to the Lufupa hydropower project in the Democratic Republic of the Congo, which will be implemented by its wholly owned subsidiary.

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