Report: Pengxin Resource completes construction of phase I project in Congo

SHANGHAI, Oct 17 (SMM) – Pengxin Global Resource completed the construction of its phase-one cobalt hydroxide project at Shituru Mine in Congo, with annual capacity of 3,000 mt in Co content, as scheduled on September 30. Capacity will expand to 7,000 mt in metal content per year, after phase II comes online.

Utilising energy-saving equipment made in China, the project will produce cobalt hydroxide (35% Co), with cathode copper (LMEA grade) as a by-product. The phase-one project will process 180,000 mt of cobalt ore per year. Upon full production, annual output of cobalt metal will reach 3,000 mt and that of cathode copper will exceed 5,000 mt. 

Trial operation will start in October, with official production expected on October 30. It is slated to achieve full operation in December. 

Pengxin also also secured sales with downstream battery manufacturers. On September 21, the company signed an agreement with Dangsheng Technology to provide 30% of primary cobalt hydroxide output in its Congo project to Dangsheng. The delivery period was set at five years from bill of lading for the first batch of goods. 

Pengxin will also provide 30% of primary cobalt hydroxide output in the project to Shanghai Great Power Technology. This followed an agreement last year for cooperation in new-energy storage. The delivery period was set at five years from bill of lading for the first batch of goods.