OTCPK:KATFF - Post by User
Post by
Sogosohubidu201on Jul 09, 2019 12:51am
200 Views
Post# 29897746
Artisanal output of cobalt could drop 70% this year: Darton
Artisanal output of cobalt could drop 70% this year: Dartonhttps://www.bloomberg.com/news/articles/2019-07-08/congo-s-swing-producers-turn-to-copper-after-cobalt-meltdown
Production of hand-dug cobalt in the Democratic Republic of Congo is poised to drop sharply after prices tumbled, prompting many of the country’s thousands of artisanal miners to switch focus to copper instead.
Artisanal output soared during cobalt’s rally during 2017 and early 2018 and accounted for as much as 20% of Congo’s production of the metal last year, according to Darton Commodities. The Congolese authorities say the figure was as high as 30%. After a supply glut sent cobalt prices plummeting about 70% from the peak, many of the country’s artisanal miners are now switching focus to copper instead.
Artisanal output could decline by more than 70% this year, according to Andries Gerbens, a cobalt specialist at Darton Commodities. While precise numbers are unavailable, as many as 200,000 people in the Katanga region make a living by extracting minerals by hand.