The explosion in cobalt prices over the past two years has made the metal enticing for crooks, with each ton fetching $82,500.
UK Mining News
Starting on July 30, the LME will start providing a set of synthetic monthly prices for the six main base metals — copper, aluminum, zinc, lead, nickel and tin.
The case will undoubtedly frustrate attempts to bring criminal charges against them and drag out proceedings for months, if not years.
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.
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.
It means the company can now begin limited production, with increased feed to the mill expected in a couple of months.
Shares in Sirius Minerals (LON:SXX) were off to the races on Wednesday after it announced it had secured a major seven-year African supply deal.
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.
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.
Britain’s Royal Bank of Scotland said it had tightened restrictions on project finance and general lending for high-carbon energy projects and companies.
The London-listed firm is near the end of a quest to bring on technology to boost profits from the treatment of refractory gold ore.
The Meghan Markle effect has spread to yellow gold jewelry, helping boost United States sales in the first quarter of 2018 with further gains expected.
Britain’s Serious Fraud Office plans to open a formal bribery investigation into Glencore and its deals with Israeli billionaire and former partner Dan Gertler.
Vancouver-based Strongbow Exploration expects the London listing to help it raise 25 million pounds ($34 million) over the next 18 months, which will use to study the feasibility of resuming production at the South Crofty tin mine in Cornwall.
Europe’s largest bank won’t fund new coal power plants, oil sands and arctic drilling, except in Bangladesh, Indonesia and Vietnam.
Coal, which fueled the world’s biggest economies for more than a century, is increasingly losing out to renewables.
The strike at the company’s Loulo and Gounkoto mines is related to the payment of bonuses and will continue until the issue is resolved.
Recurrent industrial action by the workforce of a subcontractor it's jeopardizing Tongon's 290,000-ounce production forecast.
Britain plans to phase-out coal use at its power stations by 2025 as a part of its efforts to meet its climate targets.
Securing the debt will be the final milestone to bring the York project into production.
Lloyd’s of London, the world’s oldest insurance market, has become the latest financial firm to announce that it plans to stop investing in coal companies.
British wind farms generated more electricity than coal plants on more than 75% of days this year.
This year, copper was shoved out of the London limelight by new hot metals such as lithium, cobalt and nickel.