Leagold Mining Corporation reports that its RDM mine in Brazil has been placed on a temporary...
Cobalt conflict in DRC hits mining giant
Katanga Mining, owned by the mining giant Glencore, Katanga tumbled as much as 30 percent in Toronto Monday morning, the biggest intraday decline since July, according to Reuters.
Katanga is also a co-owner of the state-run copper company KCC. However, as part of market restructuring activities, DRC now appears to dissolve the KCC (Kamoto Copper).
"As the KCC is expected to produce one-sixth of the world's cobalt supply next year, a dissolution of the company would send shock waves through the global market,” said Elisabeth Caesens, director of the Brussels-based organization Resource Matters.
Cobalt is one of the values commodities these days because it is an important component of batteries, ranging from smart phones to electric cars.
Analysts now expect the company to invest more in KCC to let it continue its operations.