Glencore aims to restart Congo's Mutanda copper-cobalt mine in FY'22 – Reuters

Glencore PLC plans to resume operations at its Mutanda copper-cobalt mine in the Democratic Republic of Congo in 2022, Reuters reported May 18, citing a source privy to the matter.

The company suspended Mutanda in 2019 due to declining cobalt prices, and higher costs and taxes. Cobalt prices have since significantly increased to offset costs and taxes.

The miner said in February that the process to restart production at Mutanda was underway, but it did not provide a specific date.

A source told Reuters that the recruitment process for workers at Mutanda is ongoing. However, the number of lines at the operation that will be restarted in the next 12 months remains unknown.

Output from Mutanda may ease the expected copper and cobalt shortages in 2022, which may limit further price gains.

Glencore reported year-on-year declines in copper and cobalt production in the fourth quarter of 2020 and full-year 2020, reflecting Mutanda's shutdown.