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Glencore Plc. will halt production at Mutanda mine, the world’s largest cobalt mine, from the end of this year after a slump in prices for cobalt, Financial Times reported on Tuesday.

The company will shut the mine in the Democratic Republic of Congo because it is “no longer economically viable”, the FT said, citing a letter to employees of the mine.

Glencore declined to comment on the report.

Glencore said last week it faced a $350-million hit after cobalt prices halved and has begun an overhaul of its under-performing Africa business.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 24/05/24 3:59pm EDT.

SymbolName% changeLast
GLNCY
Glencore International Plc ADR
+1.23%12.3

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