Compagnie de Tifnout Tiranimine (CTT) has suspended production at its cobalt mine and plant in Morocco amid a 14-day lockdown in the country aimed at stemming the spread of the novel coronavirus (2019-nCoV), sources close to the matter have confirmed.
CTT produces cobalt in the form of broken cathodes, with capacity of about 1,800 tonnes per year. The units are marketed by Switzerland-based Manatrade, of which CTT is a fully-owned subsidiary.
The price for cobalt standard grade, in-whs Rotterdam, which incorporates CTT broken cathodes, was $16.30-16.70 per lb on Monday, down from $16.85-17.15 per lb a week ago as a result of weakening demand. The prices will next be assessed later today.