That is correct @Scarpa et al ,
Whilst am sure Glencore also intended to send a convenient 'told ya so' message to the DRC government re: increased royalty rates for Cobalt (not Lithium), the below article also states;
'The decision to shut the mine comes as Glencore needs to make an expensive shift to mining a different type of mineral deposit on the site'.
https://www.ft.com/content/8cd1fd7a-b86c-11e9-96bd-8e884d3ea203
i.e. an important piece of information seems to have been omitted by other journalists, and furthermore none of Glencore's core issues (i.e. their trading house losses or at their Mutanda mine) are relevant to Manono.
However, the big takeout from this article IMO is;
'Mutanda mine is the world’s largest producer of cobalt, which is mined alongside copper, and is one of Glencore’s key assets in the DRC. It produced almost 200,000 tonnes of copper last year and more than 27,000 tonnes, or a fifth of global supplies, of cobalt.'
And presents the following Q&A;
Q. As demand for battery capacity continues to grow at an exponential rate, what eventually happens to battery metal prices as major projects are deliberately mothballed and planned expansions are either delayed or cancelled?
A. It places extreme pressure on both near term & long term supply and prices eventually respond to encourage further investment.
So when it comes to Lithium and perhaps also Tin, AVZ with their huge deposit at Manono is in the box seat IMHO.
Tin mining projects in the DRC and Namibia will benefit from new research conducted by an engineering company in Australia, writes Syl Kacapyr.
http://www.africanmining.co.za/2019/08/06/research-gives-tin-a-boost/
GLTA
Cheers
Elpha
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