Glencore Plans to Shut Giant Cobalt and Copper Mine in Congo
- Mutanda mine will be placed on care and maintence by year-end
- Cobalt prices have collapsed while costs at project have risen
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Glencore Plc is planning to halt production at one of the world’s biggest cobalt mines after prices for the battery metal collapsed and costs at the project increased, according to a person familiar with the situation.
The announcement that Glencore will close its Mutanda mine in the Democratic Republic of Congo is expected to come as the company lays out an overhaul of its key African copper and cobalt business when it releases first-half results on Wednesday. It would be another setback for Glencore, which has been dogged by operational problems, legal challenges and a rift with Congo’s government over a new mining code.