for subscribers

Glencore cobalt supplies in Congo face hold up over mine row

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Lubumbashi - A dispute between state-owned Gecamines and its joint-venture partner at a Congolese cobalt mine that supplies Glencore [JSE:GLN] threatens to halt the supply of as much as 4% of the metal within two months.

Jersey-registered GTL, a joint venture between Gecamines and closely held Groupe Forrest International, has processed the hill of mine waste that looms over the southern Congolese mining town of Lubumbashi since 2001, producing as much as 5 000 metric tons of cobalt a year. The state-owned miner has blocked GTL’s access to the site since March 23, according to Groupe Forrest CEO Malta Forrest.

“Gecamines has blocked our access stating that it believes we have exceeded the limits set in our contract,” Forrest said in an interview April 15 in Lubumbashi. “It’s simply not true. Despite our requests Gecamines provided no evidence for their calculations.”

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
17.04
(-0.38)
ZAR/GBP
21.81
(-0.11)
ZAR/EUR
19.90
(-0.12)
ZAR/AUD
12.03
(-0.12)
ZAR/JPY
0.16
(-1.12)
Gold
1860.65
(+0.03)
Silver
22.87
(+0.11)
Platinum
844.51
(+0.50)
Brent Crude
42.23
(-0.12)
Palladium
2207.00
(+0.59)
All Share
53587.11
(-1.22)
Top 40
49547.74
(-1.16)
Financial 15
9401.28
(-1.95)
Industrial 25
72949.70
(-1.72)
Resource 10
53453.42
(-0.10)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1368 votes
It depends on how the funds are used.
73% - 8867 votes
No. We should have gotten the loan elsewhere.
16% - 1959 votes
Vote