Jinchuan Reports Cobalt Output Surge on Musonoi Ramp-Up
Jinchuan International's nine-month cobalt production rose sharply, while sales lagged pending a Congolese export quota agreement.
Updated on Nov. 11, 2026 in Current Conditions
Jinchuan International produced cobalt hydroxide containing 6,254 tonnes of cobalt in the first nine months of 2026, up from 71 tonnes a year earlier. Cobalt sales totalled 494 tonnes over the same period, as the company's Musonoi cobalt export quota remains awaiting agreement with the Democratic Republic of Congo government.
Why it matters
The gap between production and sales shows how export approvals can hold back output from reaching buyers even when mines are running. The company's cobalt growth depends largely on Musonoi, which began commercial operations in November 2025 and reports a grade of approximately 1%.
The figures come from unaudited company-reported operating data for the nine months to September 30, 2026. Cobalt sales of 494 tonnes trail production of 6,254 tonnes, with the export quota still pending.
The players
Jinchuan International
A mining company whose subsidiaries operate copper and cobalt assets in the Democratic Republic of Congo and South Africa, and which reports production figures to the market on a regular basis.
The details
Cobalt output increased mainly through contributions from Musonoi, which has a grade of approximately 1% compared with roughly 0.3% historically at Ruashi. Lower output at Ruashi, linked to unstable grid electricity, declining ore grades and tight sulphuric acid supplies, partly offset the gain, and local management in the DRC and South Africa is engaging with the government to secure the quota.
Timeline
November 2025: Musonoi began commercial operations.
September 30, 2026: End of the nine-month period covered by the unaudited data.
November 10, 2026: Jinchuan International reported its nine-month cobalt production figures.
Seasonal Patterns
The DRC's cobalt export quota regime is now determining how quickly new Congolese output reaches buyers, with Jinchuan's Musonoi ramp-up the latest test of that process. Production has risen far faster than sales, a pattern that depends on the government's pending approval.
For buyers and downstream manufacturers, the gap between Jinchuan's cobalt production and sales means supply may tighten until the Musonoi export quota is agreed. Copper output and sales both rose about 31.6% and 39.6% year on year, respectively, adding to available metal.
The takeaway
Mining output figures can overstate what reaches the market when export approvals lag behind production. Watch for the Musonoi quota agreement, since it will determine whether Jinchuan's cobalt sales catch up with output.
Further reading
For more on how present-day output and supply conditions are tracked, see Current Conditions.
