What investors need to know about new mining rules in top cobalt producer Democratic Republic of the Congo.
Articles Tagged "democratic republic of congo"
Glencore already owns more than 74 percent of Congolese copper and cobalt miner Katanga. Analysts say the commodities giant is looking to acquire the rest as Katanga plans to raise copper production to 300,000 tonnes a year by 2015.
Zambia is the globe’s second largest producer of cobalt. Theft of cobalt in the country does happen and the stolen alloy heads to the black market.
Mineweb reported an interview with Lara Smith of Core Consultants on the challenges in the rare earth and cobalt sectors.
China has had a profound influence on the cobalt industry, as increases over recent years are almost exclusively from demand from the country.
Brazilian mining giant Vale has just acquired the South African-based Metorex, a producer of copper and cobalt, with operations in the African copperbelt of Zambia and the Democratic Republic of Congo. The takeover is the latest in a series of high-profile moves into Africa by firms in Brazil, a nation which is emerging as a giant in the mining market.
Mining Weekly states that the DRC wants more cobalt to be refined in the country before exporting to other countries. The article states: While the DRC hosts more than half of the world’s cobalt reserves, only 5% of cobalt is refined in the region. To read the full article, click here.
The latest in developments surrounding the wiki-leaks scandal is focused around vital sites for American security. Topping the list is a cobalt mine in the Democratic Republic of Congo. The admission by the State Department shows the vital need for secure cobalt supply needed for high technology applications.
Global demand for cobalt is growing and not showing any signs of slowing down, but with more of the world’s supply originating from the politically volatile Democratic Republic of Congo than any other region, its performance in the market will be contingent not only on agreements between foreign companies and the Congolese government, but also on international action regarding the adverse working and environmental conditions of illegal mining operations.
Cobalt is an element that has been used by humans for thousands of years as blue coloring in pottery, glass and ceramics, but in recent years demand has surged, mainly due to its use in hybrid electric vehicle rechargeable batteries.