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Battery demand to maintain elevated cobalt prices – report mining.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mining.com Daily Mail and Mail on Sunday newspapers.
The content below was translated by Tencent automatically for reference. After nearly two years of adjustment from 2018 to 2019, cobalt prices fell to near historical lows in 2019. Due to operating pressure, large cobalt mines upstream are forced to shrink their production capacity. As the world s largest cobalt producer, Glencore announced in 2019 that its main mine, Mutanda, would be shut down for three consecutive years from 2020 for technical reform due to the decline in cobalt prices and the conversion of oxidation ore to sulphide ore. The Mutanda mine is the largest cobalt mine in the world, with a cobalt concentrate output of 25100 tons in 2019, accounting for 18% of the global cobalt raw material supply. The closure of Mutanda mines has greatly limited Glencore s cobalt output, which fell 37 per cent year-on-year to just 21600 tonnes in the first three quarters of this year. In addition to Glencore, the TFM copper-cobalt mine, owned by Luoyang Molybdenum, the world s t ....