Glencore Resumes Copper and Cobalt Mining Operations in the Democratic Republic of Congo After Over Two Years

[Photo by Bloomberg]

[Asia Economy Reporter Park Byung-hee] Commodity trading company Glencore announced that it will resume operations at the Mutanda mine in the Democratic Republic of Congo by the end of this year, Bloomberg reported on the 21st (local time). Accordingly, copper and cobalt are expected to be produced at the Mutanda mine for the first time in over two years.

Antoinette Nsamba Kalambayi, the new Minister of Mines of the Democratic Republic of Congo, met with Glencore officials on the same day to discuss the resumption of operations at the Mutanda mine. Glencore also confirmed the meeting with Minister Kalambayi via email and stated that it will proceed with the consignment operation process by the end of this year to restart production next year.

In August 2019, Glencore announced plans to close the mine for two years for maintenance as cobalt prices fell at the time. Operations at the Mutanda mine have been suspended since November 2019.

The resumption of operations at the Mutanda mine is also expected to help stabilize commodity prices.

The Mutanda mine mainly produces copper and cobalt and is considered one of the largest cobalt producers. As of 2018, the Mutanda mine accounted for 20% of the world's cobalt production.

Copper and cobalt are mineral resources expected to see a significant increase in demand as key raw materials in the eco-friendly era.