A combination of risk exposure in Africa and a slump in cobalt prices have cost Glencore $350m, the company has said. Glencore's share price has fallen by around 7% late 2018 due to issues in the Democratic Republic of Congo and Zambia. The company is also facing a mark-to-market loss on around 10,000 mt of unsold cobalt, which has fallen in price to around $30,000 per mt, down from $60,000 in this year.
A combination of risk exposure in Africa and a slump in cobalt prices have cost Glencore $350m, the company has said. Glencore's share price has fallen by around 7% this year due to issues in the Democratic Republic of Congo and Zambia. The company is also facing a mark-to-market loss on around 10,000 mt of unsold cobalt, which has fallen in price to around $30,000 per mt, down from $60,000 in late 2018.