China Molybdenum approves $1.08 bn KFM phase II expansion in Congo

China Molybdenum Co., Ltd. announced on October 24, 2025, an investment of $1.084 billion for the KFM Phase II project in the Democratic Republic of the Congo. This includes $859 million for engineering, $109 million for other construction costs, and $116 million for contingencies, to be funded by the company's own and borrowed capital. The project, with a two-year construction period, is expected to start production in 2027, adding an average of 100,000 tonnes of copper metal annually.

The company's board of directors approved the "Proposal on Investing in the Construction of the KFM Phase II Project in the Democratic Republic of the Congo." The board also reviewed the "2025 Third Quarter Report," showing a net profit attributable to listed company shareholders of $14,279,657,200.87 for the first nine months of 2025, a 72.61% increase year-on-year. The investment is subject to regulatory approvals.

Additionally, the board approved the appointment of Peng Xuhui as chief executive and chief operating officer, and Branko Buhavac as vice president and chief commercial officer, following the resignations of Sun Ruiwen and Kenny Ives. Peng Xuhui's appointment as an executive director nominee is pending shareholder approval.