London — Miner and trader Glencore said on Wednesday that its African copper business had failed to perform as expected and it faced a $350m hit on its cobalt business following a drop in prices.Glencore’s exposure to risk in Africa, including in the Democratic Republic of Congo and Zambia, has weighed on the company’s share price, which has fallen about 6% since the start of the year while those of its diversified peers have risen.
Cobalt output rose following the resumption of exports at the Kamoto Project in the DRC in April, which had been suspended after uranium was found in levels above the acceptable limit for export.
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