Luoyang Molybdenum Industry: Invest 1.084 billion US dollars to build the second phase of the Congo (Democratic Republic of) KFM project, and it is expected to add an average of 100,000 tons of copper metal per year after arrival

On October 24th, Luoyang Molybdenum Industry announced that on October 24th, 2025, the seventh meeting of the seventh board of directors of the company considered and approved the "Proposal on Investment and Construction of KFM Phase II Project in the Democratic Republic of the Congo", agreeing to invest in the construction of KFM Phase II Project within the scope of investment of not more than 1.084 billion US dollars in project construction. The board of directors authorizes the management to be responsible for the specific implementation of this project, including but not limited to signing relevant agreements, responsible for the specific handling and implementation of relevant matters and procedures, etc. The construction investment of KFM Phase II Project in the Democratic Republic of the Congo is 1.084 billion US dollars, of which the engineering cost is 859 million US dollars, the other costs of engineering construction are 109 million US dollars, and the reserve fee is 116 million US dollars. The source of project funds is the The construction period of the project is 2 years, and it is planned to be completed and put into operation in 2027. It is expected that the new raw ore processing scale will be 7.26 million tons/year, and the annual average of 100,000 tons of copper metal will be added after the production.