(Ecofin Agency) - Mining giant Glencore, 6th largest mining company in the world according to PwC, announced last Friday it would increase its stake in the Mutanda copper and cobalt mine in DR Congo.

The company, which already holds 69% of the project, is currently looking at its options, and may well buy all or part of the 31% stake held by its partner Fleurette Group. It said it will make an announcement in this regard in “due course”.

Glencore's desire to increase its stake in the Mutanda mine is proof that the firm is faring better financially considering it, like many other mining giants, has been affected by the global fall in commodity prices. It has, throughout the past year, focused on strengthening its balance sheet, reducing its debt, and has even resumed operations suspended on some coal mines in Australia.

The Mutanda mine is located in the province of Katanga, DR Congo. From January to September 2016, it produced 162,300 tonnes of copper and more than 18,000 tonnes of cobalt. It is one of Glencore’s main growth assets and one of the largest mines in DR Congo.

Louis-Nino Kansoun