Overproduction woes for Aussie cobalt miner

High production: Workers at a cobalt mine in the Democratic Republic of Congo are seen in this file photo. Cobalt prices have plummeted by almost two-thirds over the past two years on rising supply with the country and Indonesia mining more of the metal. — AFP

MELBOURNE: Australian miner Jervois Global Ltd is cutting costs and jobs in response to a plunge in cobalt prices that it’s blaming on Chinese oversupply.

The cobalt and nickel producer has axed or made part-time 30% of its senior corporate management roles, while fees for non-executive directors have been cut by the same amount, it said in a exchange filing.