Glencore's Congo halt offers jolt for ailing cobalt market
Glencore Plc's plan to halt a fifth of the world's cobalt production is set to offer some respite for prices of the battery material that cratered in the past year on a supply glut.
BY BLOOMBERG NEWS
The mining giant will put the Mutanda copper-and-cobalt facility in the Democratic Republic of Congo on care and maintenance by the end of this year due to lower prices, the company announced as it reported a 90 percent fall in half-year net income. Shares in major Chinese cobalt companies rallied on Wednesday, with China Molybdenum Co., which also mines in the African nation, rising the most in four years in Hong Kong.
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