RE: OH BOY6 Nov 2018 17:04
The suspension comes at a convenient time for cobalt producers because there are mounting concerns that too much is currently being mined. There has been a supply-side response to a spike in cobalt prices, fueled by bullish expectations of growth in electric vehicles.
Katanga accounts for about a quarter of Glencore’s African cobalt production, with 6,500 metric tons of the metal being mined in the first nine months of the year. Glencore produced 25,700 tons in Congo in that period.
Glencore has been ramping up cobalt supply this year amid a boom in batteries, boosting production by 44 percent in the first nine months.