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As part of Glencore’s (LSE:GLEN) recently announced measures to cut costs amidst the current commodity price rout, Metalbulletin (subscription required) noted that the company has suspended cobalt production as a consequence of putting production on hold at its copper mine in the Democratic Republic of Congo.
As part of Glencore’s (LSE:GLEN) recently announced measures to cut costs amidst the current commodity price rout, Metalbulletin (subscription required) noted that the company has suspended cobalt production as a consequence of putting production on hold at its copper mine in the Democratic Republic of Congo.
As quoted in the publication:
Glencore announced on Monday that it is immediately suspending copper production at Mopani Copper Mines in Zambia and Katanga Mining in the Democratic Republic of Congo, with output of by-product cobalt also stopping at the latter. The move comes at a crucial time in the cobalt market, where low-grade metal prices assessed by Metal Bulletin slid to $12.20-12.85 per lb on Friday September 4 from $12.50-13.40 in the previous session, the lowest level since April, when prices dropped to under $12 per lb.
Click here to read the article from Metalbulletin.
