{"id":129009,"date":"2019-08-07T07:50:10","date_gmt":"2019-08-07T07:50:10","guid":{"rendered":"https:\/\/www.bnreport.com\/glencore-halts-production-at-worlds-largest-cobalt-mine\/"},"modified":"2019-08-07T07:50:10","modified_gmt":"2019-08-07T07:50:10","slug":"glencore-halts-production-at-worlds-largest-cobalt-mine","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/glencore-halts-production-at-worlds-largest-cobalt-mine\/","title":{"rendered":"Glencore halts production at world\u2019s largest cobalt mine"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.cityam.com\/wp-content\/uploads\/2019\/05\/glencore-full-size-getty-57eda2f309ab5-57eda2f32a9db.jpg\" \/><\/p>\n<p>Glencore is planning to stop production at the worlds largest cobalt mine after prices for the metal plummeted.<\/p>\n<p>The miner has told staff that Congos Mutanda mine is \u201cno longer economically viable\u201d in a letter seen by the Financial Times.<\/p>\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.cityam.com\/congo-starts-evicting-up-to-2000-illegal-miners-from-glencore-site-where-dozens-died\/\" rel=\"noreferrer noopener\" target=\"_blank\">Congo starts evicting up to 2,000 illegal miners from Glencore site where dozens died<\/a><\/p>\n<p>Glencore also took aim at new regulations in Congo, which hiked taxes and removed exemptions for mines that were already operating.<\/p>\n<p>They were signed into law last June.<\/p>\n<p>\u201cUnfortunately due to the significant decrease in the cobalt price, increased inflation across some of our key input costs (mainly sulphuric acid) and the additional taxes imposed by the mining code the mine is no longer economically viable over the long-term,\u201d the letter said.<\/p>\n<p>Glencore declined to comment, but the company may expand on the decision in its half-year report, due out tomorrow.<\/p>\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.cityam.com\/glencore-head-oil-alex-beard-retires-amid-us-investigations\/\" rel=\"noreferrer noopener\" target=\"_blank\">Glenco<\/a><a href=\"https:\/\/www.cityam.com\/glencore-to-halt-production-at-worlds-biggest-cobalt-mine-after-price-halves\/\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Glencore is planning to stop production at the worlds larges..<\/p>\n","protected":false},"author":1,"featured_media":129010,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-129009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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