Glencore to Close Massive Mine as Economic Woes Hit Metals

Glencore PLC’s first-half earnings fell by a third and the commodities giant said it is closing one of its largest copper and cobalt mines, as concerns over the global economy and the trade war between the U.S. and China hit commodity prices.

The Anglo-Swiss miner and commodities trader said it would mothball the Mutanda mine in the Congo by the end of 2019 due to a slump in cobalt prices. The closure will remove around 20% of the global market’s cobalt supply, according to Macquarie, and around 0.5% of the copper market....

Mining companies alway crying foul after earning billions from mining. stopgreed pay taxes as we all do 💵💵🛫🛫💵💰🛫🛫🛫

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Stocks Close Sharply Lower as Yuan Reels and Trump Jabs at ChinaStocks were pummeled by selling, pushing indexes from New York to Shanghai lower, as the yuan slid and fresh trade threats between Beijing and Washington raised fears of an economic slowdown. Wow a whole 7 months ago. Fear mongering again. Can almost taste the sweet victory with winning the trade war. Can't you? Since...last December. Gee, all the way back then huh?
Source: WSJ - 🏆 98. / 63 Read more »