Glencore will shut its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of 2019 due to slumping cobalt prices, the trader-miner announced on Wednesday August 7.
The asset will be placed on care and maintenance in a decision the company said "reflects its reduced viability in the current market environment, primarily in response to low cobalt prices." Glencore will continue to evaluate the operations and restart when market conditions have significantly improved, the company said. Mutanda will stay on care and maintenance for at least two years, depending on...