Glencore's Prize Cobalt Miner Is Bogged Down Deeper in Congo
- Canadian probe, Gertler, local debt are all ongoing problems
- Katanga will soon be biggest producer of battery metal cobalt
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Katanga Mining Ltd. will soon be the world’s top cobalt miner, churning out thousands of tons of metal and billions of dollars in revenue for Glencore Plc. It’s also turning into a major thorn in the commodity giant’s side.
Katanga is controlled by Glencore but trades in Toronto, making it one of few options for equity investors seeking exposure to the coveted battery ingredient. Its shares surged more than 1,200 percent in 2017 as the company moved to restart production in the Democratic Republic of Congo and boost cobalt output -- just as ballooning projections for electric-vehicle sales turned the metal into one of the world’s hottest commodities.