Glencore to close key DRC cobalt mine as profits fall

Zurich: Mining giant Glencore posted a sharp fall in first half profits and confirmed the temporary closure at a major cobalt mine in the Democratic Republic of Congo. The production halt at the Mutanda project in DRC’s southern Katanga province came in response to the mine’s “reduced economic viability,” as prices for the battery metal fell, Glencore chief executive Ivan Glasenberg said in a statement.

Overall, Glencore’s profits through the first half of 2019 were down 92 per cent compared with the same period last year.

“Our performance in the first half reflected a challenging economic backdrop for our commodity mix,” Glasenberg said.

Global trade tensions, notably tariff battles between the United States and China, have heightened concerns about manufacturing output.

But Glasenberg voiced confidence that “commodities fundamentals will move in (Glencore’s) favour. — AFP