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

5 hours ago

Capchem's Q1 2026 Net Profit Grows Over 100%

On April 10, Shenzhen Capchem Technology Co., Ltd. released its performance forecast for the first quarter of 2026. The announcement shows that for the period from January 1 to March 31, 2026, the company expects a net profit attributable to shareholders of the listed company of 460 million yuan to 500 million yuan, representing a year-on-year increase of 100.11% to 117.51% compared to 229.8775 million yuan in the same period last year; the net profit after deducting non-recurring gains and losses is expected to be 449.28 million yuan to 489.28 million yuan, a year-on-year increase of 102.48% to 120.51%.

5 hours ago

MGL Plans To Invest 3 Billion Yuan In Lithium Iron Phosphate Integrated Project

MGL announced that the company plans to sign an investment agreement with the Management Committee of Dazhou High-tech Industrial Park and invest 500 million yuan to establish a wholly-owned subsidiary, Sichuan MGL New Material Technology Co., Ltd., to implement the fourth-generation and beyond lithium iron phosphate integrated project. This project includes two sub-projects: lithium iron phosphate and iron phosphate, both to be constructed in two phases. The lithium iron phosphate sub-project involves a total investment of approximately 1.8 billion yuan, while the iron phosphate sub-project involves a total investment of approximately 1.2 billion yuan, bringing the combined total investment to approximately 3 billion yuan.

5 hours ago

9 hours ago

CATL and Jianlong Group Sign Strategic Cooperation Agreement

The two parties will engage in in-depth cooperation in areas such as new energy adoption in the steel industry, green and smart mines, logistics electrification, zero-carbon industrial parks, and supply chain collaboration. The two parties will strive to deploy over 3,000 electric heavy-duty trucks during the 15th Five-Year Plan period, complete the battery swapping layout for no fewer than 16 logistics hub routes, and build and operate 100 battery swapping stations. In addition, the two parties will advance centralized and distributed wind and solar power projects, and using Jianlong Group's industrial parks as pilots, explore a two-way empowerment pathway between new energy adoption in high-energy-consuming industries and the industrialisation of new energy.

9 hours ago