Glencore expects $350mln loss amid cobalt price slump

Glencore expects to report earnings before interest and tax (Ebit) losses within its marketing department of $350 million for the first half of 2019 due to a sharp drop in cobalt prices.

The trader-miner cited a 58% year-on-year drop in cobalt prices in the first half of 2019, referencing Fastmarkets’ price assessment for cobalt standard grade, in-whs Rotterdam, which averaged $17 per lb in the first half of 2019.
Fastmarkets' cobalt hydroxide index min 30% Co, cif China was last calculated at $8.58 per lb, down from $11.05 at its launch in February.

The loss will be primarily non-cash because the...

Published

Janie Davies

July 31, 2019

10:55 GMT

London