London — Glencore, the world’s biggest commodity trader, reported a collapse in earnings due to a slump in raw material prices and announced plans to shutter a huge cobalt mine.
Falling profits are the latest blow to the company that has been hobbled by corruption probes, tumbling prices and operational problems at key copper mines. The move to shutter the Mutanda project in the Democratic Republic of Congo (DRC) shows Glencore wants to put a floor under the cobalt market that has been in freefall for the past year due to oversupply...
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