Glasenberg takes advantage of rising copper prices to boost Glencore’s cash in Congo
The Anglo-Swiss giant recorded a depreciation of $300 million in 2019 due to the closure of its copper and cobalt mine in Mutanda, DR Congo, and in the wake of falling metal prices.
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▪ Glasenberg takes advantage of rising copper prices to boost Glencore’s cash in Congo
▪ The Anglo-Swiss giant recorded a depreciation of $300 million in 2019 due to the closure of its copper and cobalt mine in Mutanda, DR Congo, and in the wake of falling metal prices.
▪ https://www.africabusinessplus.com/en/807938/glasenberg-takes-advantage-of-rising-copper-prices-to-boost-glencores-cash-in-congo/
This subsequently led to a 43% drop in Glencore‘s cobalt production in fiscal year 2020. The group under CEO Ivan Glasenberg, however, is now positioned to take maximum advantage of the improvement in prices. A tonne of copper currently trades at $10 465 on the London Metal Exchange (up from $4 617.5 at the end of March 2020 (+126%), while cobalt currently is at $10 460, up 61% since July 2020.
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