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Katanga Mining Ltd, through its subsidiaries, is engaged in copper and cobalt production activities in the Democratic Republic of Congo (DRC). Specifically, the company explores and develops properties with potential copper and cobalt yields operate mining and processing facilities that produce copper and cobalt and holds a portfolio of other mines that may be developed in the future.

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Katanga Mining Ltd Ord > Cobalt price rockets as Glencore plans closure of major mine

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Post by Sogosohubidu201 on Aug 16, 2019 1:39pm

Cobalt price rockets as Glencore plans closure of major mine

https://www.ft.com/content/15071a6a-c02c-11e9-b350-db00d509634e

The price of cobalt has soared more than 30 per cent since Glencore announced this month it would close the world’s largest mine for the battery metal, offering hope for a sector whose shares have been hit by fears over a global recession.

.....Glencore, the world’s largest producer of cobalt, said early last week that it would shut its Mutanda mine in the Democratic Republic of Congo at the end of this year, saying mining the metal was no longer “economically viable”. Since then, cobalt prices have risen almost one-third to trade at $16 a pound on Friday, according to Fastmarkets.

....But prices are likely to rise further, said Mr Heppel, as the closure of Glencore’s mine shifts the global market from surplus to deficit next year.

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