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