Pertinent market/industry news/articles, page-1380

I just watched the Glencore investor presentation - first the bad news re Mutanda no real impact on cobalt produced only on Cu - perhaps they are targeting oxide ores that are high in Co but lower in Cu. Mutanda will still be producing around 25kmtpa cobalt which is around what it produced last year.

Now on to the good news! They are claiming that cobalt prices are close to bottoming out due to the fact that buyers have been destocking and will soon need to restock which should put a floor on the price combined with the fact that the artisanal miners output in the DRC is very price sensitive and at the current prices it makes little sense for them to mine.

On their big coal news - make no mistake there are 2 main reasons why they are doing this 1) Investor pressure from large funds in Europe getting them to reduce coal exposure 2) they will benefit by higher coal prices from reduced supply - they are expecting that this will also hinder any potential new coal mines.

However all in all this is a net positive for us - higher coal prices will drive increased take up of renewables + battery storage.