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 firm said it had been forced into an "extraordinary restructuring programme" after its mining operations were hit hard by falling commodity prices.
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.