Connect with us

Hi, what are you looking for?

Finance

Glencore halts production at world’s largest cobalt mine

Glencore is planning to stop production at the worlds larges..

Glencore is planning to stop production at the worlds largest cobalt mine after prices for the metal plummeted.

The miner has told staff that Congos Mutanda mine is “no longer economically viable” in a letter seen by the Financial Times.

Read more: Congo starts evicting up to 2,000 illegal miners from Glencore site where dozens died

Glencore also took aim at new regulations in Congo, which hiked taxes and removed exemptions for mines that were already operating.

They were signed into law last June.

“Unfortunately 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,” the letter said.

Glencore declined to comment, but the company may expand on the decision in its half-year report, due out tomorrow.

Read more: GlencoRead More

Finance

In an interview with ET Now, Dabur India Director Mohit Burm..

Science

The 147th Open championship will be at Carnoustie Golf Club in Scotland. Jan Kruger/R&A Golfers ..

Tech

Enlarge Oliver Morris/Getty Images) In response to an Ars re..

Tech

Enlarge/ You wouldn't really want to use Nvidia's ..