Chinese non-ferrous metal mining company CMOC Group (CMOC) announced on Thursday that it will invest $1.826 billion in the first phase of KFM project [Kisanfu copper and cobalt mine] in in Congo.

In April 2021, CMOC had entered into a strategic partnership with fellow-Chinese company Contemporary Amperex Technology Co. Ltd. (CATL) to jointly develop KFM project.

The company said in stock exchange statement a [Chinese language] that the investment break-up comprises engineering cost of $1.427 billion, other construction costs of $161 million and license fee cost of $238 million.

The statement said production is expected to start in the first half of 2023, adding that in the first phase, production is expected to average 90,000 tonnes of copper and 30,000 tonnes of cobalt per annum.

(Writing by Anoop Menon; Editing by Seban Scaria)