This Morning in Metals: China Molybdenum’s DRC Mine Struggles Under Falling Prices
This morning in metals news, China Molybdenum is facing a number of pressures at its copper and cobalt mine in the Democratic Republic of the Congo, Norsk Hydro announced new certifications for several of its aluminum plants and profits have fallen at Australian miner South32 Ltd. amid falling aluminum prices.
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Falling Prices Weigh on China Molybdenum
China Molybdenum, operator of the Tenke Fungurume mine in the Democratic Republic of the Congo, is facing falling prices of both copper and cobalt.
According to Bloomberg, the miner said falling prices and higher taxes and royalties have placed the operation in a “deficit zone.”
Hydro Aluminum Plants Receive ASI Certification
Five Norsk Hydro aluminum plants have been granted Aluminum Stewardship Initiative (ASI) certification.
“This ASI Chain of Custody certification marks a crucial milestone in Hydro’s commitment to certify that aluminum our customers buy from Hydro is manufactured according to industry-leading standards of responsibility and sustainability,” said Eivind Kallevik, Hydro’s executive vice president for primary metal.
According to the firm, it now has 16 ASI-certified plants in six countries.
South32 Profits Down
Australian miner South32 saw its share price fall as much as 5.8% Thursday, Reuters reported, and posted a 25% drop in annual profit.
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The miner has struggled with falling aluminum prices and the fallout from the U.S.-China trade war, according to the report.
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