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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 -  Copyright  Arnd Wiegmann(Reuters)
Copyright Arnd Wiegmann(Reuters)
By 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.

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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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