Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Katanga Mining Ltd, a unit of Glencore Plc, said on Monday it resumed exporting and selling a limited quantity of cobalt from its Kamoto Project in the Democratic Republic of Congo (DRC).
The company said in November it had temporarily suspended the export and sale of cobalt from the project after uranium was found in levels above the acceptable limit for export.
Katanga said on Monday it produced about 930 tonnes of contained cobalt since January through interim operational solutions.
The company also said it will focus on processing an ion exchange plant, which will help remove the excess level of uranium.
In November, Katanga had said it expects the plant to be completed by the end of the second quarter.
Analysts have said that they did not expect any material hit to Glencore from the temporary halt in exports.
Glencore’s shares were down 0.5 percent in afternoon trading on the London Stock Exchange.
(By Arathy S Nair; Editing by Bernard Orr and Sriraj Kalluvila)
