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    cobalt investing

    Artisanal Miners Causing Problems at “Giant” DRC Cobalt Deposit

    Written by Charlotte McLeod
    |
    Aug. 11, 2014 04:30PM PST

    The Observers, a subset of France 24, reported that artisanal miners have flocked to a neighborhood in the south of the Democratic Republic of the Congo (DRC) following the discovery of a “giant” cobalt deposit.

    The Observers, a subset of France 24, reported that artisanal miners have flocked to a neighborhood in the south of the Democratic Republic of the Congo (DRC) following the discovery of a “giant” cobalt deposit. Excessive mining has “turned the ground into Swiss cheese” and the area is now at risk.

    Valery Lpanga, who lives near the deposit, commented:

    Almost all the residents of Kasulo [a neighborhood of around 10,000 people] dug on their land to try and find minerals. It’s a poor area, where the unemployment rate is extremely high, so this discovery was almost like a gift from the heavens for lots of them. The price of minerals varies according to the cobalt trader, but one ton can bring between 1,000 and 5,000 dollars [between 750 and 3,700 euros]. Some haven’t hesitated to break down their homes with axes to dig massive holes. Others dig in their rooms away from prying eyes.

    Most of them have hired artisanal diggers with whom they share up to 50% of the bounty that they find daily. In general, they’re recruited in teams of five, and they take it in turns to work different shifts. One team will work from 6am until 6pm, then another takes over. As a result, in the best of cases they can extract between one and two tons daily!

    Click here to read the full France 24 report.

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