DRC: China's Huayou Pulls out of Congo Cobalt Mine Investment after Price Slump

Aug 16, 2019 | Reuters
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China’s biggest cobalt refiner Zhejiang Huayou Cobalt said on Thursday its overseas unit is pulling out a deal to invest $66.3 million in a cobalt mine in the Democratic Republic of Congo (DRC) after prices of the metal slid. Huayou International Mining had agreed to take a 51% stake in Lucky Resources Holdings Co Ltd, whose wholly owned subsidiary New Minerals Investment holds the DRC’s 13235 mining licence, in December 2017.