Zhejiang Huayou Cobalt Co. Ltd plans to produce over 30,000 tonnes of cobalt metal equivalent this year amid an expansion in the Democratic Republic of the Congo, Reuters reported May 17, citing Vice President Frank Chen.

The company produced about 20,000 tonnes of cobalt equivalent in 2017, Chen said, adding that a new plant at Kolwezi in the DRC is in the testing phase and is expected to go online "very soon." The plant, the company's second in the area, will have annual cobalt hydroxide capacity of 5,000 tonnes.

Huayou Cobalt is also eyeing new mining projects in the African country, according to the report.