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July 8, 2016

Trouble Looming for Congo Miners

Publisher: Cobalt Investing News

Author: Joceln Aspa

THIS IS NOT AN OFFICIAL COMPANY NEWS RELEASE
- FOR THE INFORMATION OF SHAREHOLDERS AND INTERESTED PARTIES ONLY -

Trouble Looming for Congo Miners

Excerpt from the article:

Things aren’t looking good in the Democratic Republic of the Congo’s mining industry. In June, the country’s chamber of mines announced the loss of 3,000 direct and at least 10,000 subcontractor jobs.

A mining conference in Lubumashi had government officials and mining CEOs rally together to figure out how to save a failed copper mine.

So, what exactly is going on in the Congo?

Last September, Glencore’s (LSE:GLEN) Katanga copper mine, which is one of the Congo’s biggest, announced an 18-month suspension. It hasn’t even been a year yet, and analysts are already expecting an extension, according to Reuters.

And the bad news doesn’t stop there. Chinese investments won’t be able to revive the decline in not only its copper mining sector, but cobalt output as well. Cobalt [production saw a nose-dive of roughly 20 percent in the first quarter, and gold dropped by 8 percent.

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