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Glencore to halt production at world's largest cobalt mine - FT

Glencore to halt production at world's largest cobalt mine - FT
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo -
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Arnd Wiegmann(Reuters)
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(Reuters) – Glencore Plc <GLEN.L> will halt production at Mutanda mine, the world’s largest cobalt mine, from the end of this year after a slump in prices for cobalt, Financial Times reported on Tuesday.

The company will shut the mine in the Democratic Republic of Congo because it is “no longer economically viable”, the FT said, citing a letter to employees of the mine.

Glencore declined to comment on the report.

Glencore said last week it faced a $350 million hit after cobalt prices halved and has begun an overhaul of its under-performing Africa business.

(Reporting by Rama Venkat in Bengaluru; editing by David Evans)

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