Lloyds plans to bring cobalt from its share in Congo mines to India

Published: Apr 11, 2026 15:03

Save

India's Lloyds Metals and Energy Limited (LMEL) formed a joint venture with the US-based Virtus Group earlier this month to acquire CHEMAF, a mining company in the Democratic Republic of the Congo (DRC), and plans to bring its share of cobalt resources from the Congo mines back to India. As the joint venture includes a US partner, the specific allocation ratio will be determined in accordance with the intergovernmental agreement between India and the United States. B Prabhakaran, Managing Director of LMEL, stated that the mines are expected to start production within the current fiscal year, with an initial planned annual output of 20,000 tonnes of cobalt and 60,000 tonnes of copper.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

May 1, 2026 07:00

India to build a six-month strategic stockpile of lithium, cobalt and rare earths as demand rises

Amid sustained demand growth, India plans to build a strategic reserve of critical minerals including lithium, cobalt, nickel, copper and rare earths. The stockpile will be sized to cover six months of domestic consumption, aiming to guard against risks of global supply disruptions and sharp raw material price volatility. Led by India’s Ministry of Mines and Ministry of Heavy Industries, the reserve covers key raw materials essential for new energy vehicles, energy storage and the electronics sector, fields where India currently relies heavily on imports. At present, the United States, China, South Korea and other countries have already established strategic reserve systems for critical minerals.

May 1, 2026 07:00

Apr 30, 2026 23:00

[Geely's Gan Jiayue: Zeekr 9X to enter markets in the Middle East, Central Asia, and Europe from Q3]

On April 29, during Geely's Q1 2026 results conference, Gan Jiayue, CEO of Geely Auto Group, stated that the Zeekr 9X will be exported to the Middle East in June, launched in Central Asia in Q3, and enter the European market in Q4. Gan also revealed that the Zeekr 8X will be promoted in overseas markets from Q4 this year to Q1 next year. Data shows that in the first quarter, deliveries of the Zeekr 9X reached 22,000 units.

Apr 30, 2026 23:00

Apr 30, 2026 22:55

[LG Energy Solution posts Q1 operating loss of 207.8 billion won]

LG Energy Solution reported consolidated revenue of 6.6 trillion won in the first quarter, up 1.2% quarter-on-quarter (including approximately 189.8 billion won in North American production incentives). During the same period, it recorded an operating loss of 207.8 billion won. Shipments of pouch-type electric vehicle (EV) batteries declined due to inventory adjustments by major North American customers.

Apr 30, 2026 22:55