Glencore is to halt production at the world’s largest cobalt mine from the end of this year following a dramatic fall in prices for the key battery metal.
The Switzerland-based miner led by billionaire Ivan Glasenberg will shut Mutanda mine in the Democratic Republic of Congo, which is also a significant producer of copper, because it is “no longer economically viable”, according to a letter to employees of the mine seen by the Financial Times.
The decision is the latest setback for Glencore in the DRC, following scrutiny of its relationships with Israeli businessman Dan Gertler and the imposition of higher taxes under a new mining code that was signed into law last year.
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