Glencore's cobalt output climbs on Mutanda restart; sticks to 2022 targets

Glencore’s cobalt output climbs on Mutanda restart; sticks to 2022 targets

Miner and trader Glencore (LON:GLEN) said on Wednesday its cobalt output rose 14% in 2021, boosted by the restart of production at the world’s largest cobalt mine Mutanda in the Democratic Republic of Congo.

Glencore had put the mine on care and maintenance in November 2019 citing falling cobalt prices, increased costs, and higher taxes.

Prices for cobalt, copper, coal and other metals mined by Glencore rose to or close to their records in 2021.

“A strong pricing environment for industrial commodities, continuing strong demand and major impact on trade flows from supply chain bottlenecks points towards robust trading environment for Glencore’s marketing business,” analysts at Citi said in a note.

The London-listed company reported a 5% fall in copper production to 1.196 million tonnes, after it sold its majority stake in Zambia’s Mopani mine to the government’s investment arm.

It also saw a 3% drop in coal output in 2021, and a 4% fall in zinc production, but kept its 2022 outlook unchanged.

Ferrochrome production jumped 43% last year to 1.468 million tonnes.

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