The need to store electricity, generated by renewable energy sources such as wind and solar, will also help demand to grow, the Metal Bulletin says.
Congo Mining News
Glencore is the world’s No. 1 cobalt miner, while Congo is the largest producer of the key component for batteries that power electric vehicles.
As a result of the latest stoppage at the Ivory Coast mine and the time it will take to bring it back on line and at full tilt, Randgold will have to review its 290,000-ounce gold output forecast for the year.
DRC's Kibali is moving from underground mining by contractors to owner-mining, as has already happened at the company’s Loulo mines in Mali.
Labour action has brought gold production to a halt.
They claim mounting investigations into the firm’s dealings in the DRC, where it’s heavily invested, has made the stock collapse and investors may seek compensation for the losses caused by it.
Investigation is casting a wider net with the addition of Venezuela and Nigeria to its investigation, increasing the likelihood that Glencore’s management will get bogged down in a lengthy legal process.
Starting next year, it will demand firms that get at least 25% of their metal from small-scale mines in the DRC to be subject of a professional audit.
Shares fell as much as 13% after the miner and commodities trader was told by US Department of Justice to produce documents on Nigeria, Congo and Venezuela.
Until last month, Glencore was fighting three lawsuits in Congo that called into question its control of its prized copper and cobalt mines.
The 35-member union includes China Molybdenum Co.-controlled Tenke Fungurume Mining and MMG Ltd., as well as subsidiaries of China Nonferrous Metal Mining Group and Huayou Cobalt Co. Sicomines, among others.
A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.
Glencore reached a deal with Gecamines on Tuesday to end a legal dispute over Kamoto Copper Co.
Glencore says its subsidiaries will pay Gertler what he’s owed, only the funds will be transferred in euros and U.S. citizens won’t be involved.
The Swiss firm will make mining royalty payments to Dan Gertler in euros so that it doesn’t fall foul of US sanctions, which were placed on the Israeli billionaire last year.
Heavily in debt and with dwindling output, Gecamines has long complained about its joint venture terms.
The plant would form part of a larger Grand Inga hydropower complex spanning the Congo River.
After six months of lobbying, companies including Glencore and Randgold Resources have got nowhere in their battle to push back against a new mining law that voids existing agreements and increases their costs.
CITIC Metal will own 20% of the Canadian miner, which makes its biggest shareholder.
Congolese-American businessman and convicted fraudster Charles Brown claims he's owed $1 billion in compensation for a 19% stake he previously held in Mutanda Mining, and which Glencore allegedly sold in two fraudulent transactions, in 2007 and 2012.
Congo's prime minister wants to immediately implement the new mining code without any concessions to industry demands that key provisions be amended.
Even best-case, mass early roll-out of new cobalt-light batteries won’t solve cobalt supply issues says new report.
Top supplier of battery raw material ups output 34% year on year.
Regulations to implement the new code are due to be signed into law next week.
McKinsey asks if the availability and rising prices of cobalt, lithium, copper and nickel will constrain greater electric vehicle penetration.