The Switzerland-based miner is in the process of hiring workers to restart the copper-cobalt mine
Copper cathodes produced at the Mutanda copper-cobalt mine. (Credit: Glencore)
Glencore is planning to restart operations at the Mutanda copper-cobalt mine in the Democratic Republic of Congo (DRC) in 2022, reported Reuters, citing a source familiar with the matter.
According to the publication, the market focus has shifted to the DRC mine given that copper price has hit record highs at more than $10,000 a tonne and cobalt metal up by nearly 40% to about $45,000 a tonne since the start of this year.
The Mutanda copper-cobalt mine has been put under care and maintenance by Glencore since late 2019. Its operations were halted at that time by the company owing to its reduced economic viability in the then market environment, especially due to low cobalt prices.
After its restart, the mine is expected to address the shortages in copper and cobalt in the markets. It is considered to be the largest cobalt mine in the world.
Located in the Katanga province, the mine was producing cobalt hydroxide and copper cathodes.
In 2019, the Mutanda copper-cobalt mine had yielded 103,200 tonnes of copper and 25,100 tonnes of cobalt hydroxide. In the prior year, the mine had produced 199,000 tonnes of copper and 27,300 tonnes of cobalt hydroxide.
The mine features five copper production lines and three lines for producing cobalt hydroxide.
As of now, there is no clarity on how many lines Glencore will restart during the next 12 months.
However, the company is in the process of hiring workers for the open-pit operation as per a source having knowledge about the matter.