SMM11 14-Congo's state-owned mining companies are seeking an emergency meeting to discuss issues related to the suspension of cobalt exports by Glencore's Katanga Mining Co., Ltd., last week.
Gecamines, a state-owned mining company that owns a 25 per cent stake in Kamoto, said it was unaware of the decision. Albert Yuma of Gecamines said through a conference call, "We have to have a meeting and all the technicians will decide whether or not to export." Glencore has only taken a unilateral decision, which we have not yet endorsed.
A spokesman for Glencore (Glencore) declined to comment.
Katanga province will build an ion exchange system in Kamoto to remove uranium, which is expected to cost about $25 million. At the same time, it will continue to hoard copper and cobalt.
Katanga Mining produced 6500 tons of cobalt in the first nine months of this year, accounting for about 1/4 of Glencore's cobalt production in Africa.
Data from Royal Bank of Canada Capital Markets (RBC Capital Markets) show that (Katanga Mining Ltd.), the Katanga mining company controlled by Glencore, About 30,000 tons of cobalt will be produced next year, accounting for about 25 per cent of global supply. The bank also stressed that "assuming the company does not find uranium problems elsewhere, the production will benefit from any positive price effects."
(note: if copyright issues are involved, please contact SMM and we will deal with them in a timely manner.)
