A $1.5 billion hoard of copper and cobalt is piling up in Congo. news mining
A growing pile of copper and cobalt worth about $1.5 billion is stranded in the Democratic Republic of Congo, caught up in a standoff over the future of one of the world’s biggest battery-metal mines.
By now, there are about 120,000 tons of copper and around 12,500 tons of cobalt stuck waiting to leave the country, according to people familiar with the matter and Bloomberg calculations. Copper accounts for the bulk of the value, at about $1.1 billion at spot prices, but it only represents about 7% of total global monthly production and is unlikely to affect international prices when it does hit the market.
Yet a deal has so far proven elusive. Every day, roughly 500 tons of copper and 50 tons of cobalt are being added to the stash of metal, creating a growing logistical and commercial headache for CMOC and its partners. The Tenke stockpile has cast a long shadow over the cobalt market, turning once-firm bulls like top producer Glencore Plc into reluctant pessimists.
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