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World's largest cobalt producer (80% Tenke Fungurume + Kisanfu, DRC — ~38% of DRC cobalt output). Also 3,200 kt/y copper. China Development Bank-financed $2.65B acquisition from Freeport 2016. Core node in cn-outbound-mining-fdi theme; simultaneously subject to DRC ARECOMS quota regime.
🇺🇸 US accounts for 21% of severity-weighted pressure. Regulatory focus shifted from 🇺🇸 US to 🇨🇳 CN in 2026Q3.