CBI Launches Copper Supply Business... Accelerates Business Diversification

Challenge to K-Battery Market Including Copper Business and Secondary Batteries
Strengthening Future Core Material Business Division

Automotive parts specialist CBI is teaming up with Mango Media Group to import copper from Mongolia. They plan to strengthen their materials business by importing 60,000 metric tons (M/T) of copper annually.

CBI announced on the 15th that it recently signed a contract with Mango Media Group and Mongol company MONGOL METALL BIRJ LLC to procure 60,000 metric tons of copper per year. Starting in October, the imported copper will be supplied to domestic companies D and G.

Mongolia ranks as the world's second-largest country in confirmed copper reserves, with 54 million tons as of 2021. The purity of the copper CBI imports ranges from 99.97% to 99.99%. The company plans to expand its business by importing Mongolian copper through Tianjin Port in China and then supplying it to domestic firms.

A CBI representative said, "The 60,000 tons of copper contracted this time is worth approximately 600 billion KRW. Copper is used in various fields including secondary battery anode materials, functional materials, electric wires and communication cables, semiconductor parts, PCBs, communication and electronic components, piping materials, alloys, and construction materials."

They added, "With growing interest in eco-friendliness, the electric vehicle market is accelerating its growth and investments in renewable energy infrastructure are increasing. As demand for electric cables rises, orders for electric wires are also increasing."

CBI views this as an opportunity to establish new growth engines, given the lack of a domestic supply chain for anode copper. According to the London Metal Exchange (LME), copper is trading at around $8,300 per ton. Copper prices tend to rise when demand from manufacturing and construction sectors increases.

The company plans to strengthen cooperation with Mango Media Group, DGP, and others to expand copper trade, investment, and supply chains. They also stated that discussions regarding smelting plant projects with the Mongolian government and companies operating smelters in Mongolia will be held soon.

A CBI representative added, "Following our supply of automotive parts materials, we will strengthen our future core materials business through this copper supply project, actively participate in related markets, and pursue securing new growth engines more efficiently."

This content was produced with the assistance of AI translation services.