Cobalt, Africa 後退s 縮む Glencore's first-half 利益（をあげる）
By Yadarisa Shabong and Barbara 吊りくさび
LONDON, Aug 7 (Reuters) - Glencore 報告（する）／憶測d a 32% 減少（する） in first-half 核心 利益（をあげる） on Wednesday, sending its 株 to their lowest since late 2016, while a 落ちる in cobalt prices 誘発するd it to 停止（させる） 生産（高） for two years at the world's biggest 地雷 of the 殴打／砲列 構成要素.
Adjusted 収入s before 利益／興味, 税金, 価値低下 and amortisation (EBITDA) were $5.58 billion for the six months ended June 30 against $8.18 billion a year earlier.
The company's 株 were 貿易（する）ing nearly 2% lower by 1139 GMT, 回復するing わずかに from losses that took them to their weakest since October 2016.
大統領 Ivan Glasenberg 非難するd "a challenging 経済的な 背景 for our 商品／必需品 mix" and 後退s during the ramp-up of 操作／手術s in Africa.
Glencore stands apart from other diversified 鉱夫s because of its high-profile 貿易（する）ing 分割 and an appetite for 危険 that in the past has 控訴，上告d to 投資家s.
It 最初 回復するd 堅固に from the 商品／必需品 衝突，墜落 of 2015-16.
But cobalt, which was meant to be part of Glencore's 戦略の advantage as the world switches to electrification, has become a 義務／負債.
供給（する）s are concentrated in the Democratic 共和国 of Congo, where Glencore is in a 論争 with the 政府 over a 採掘 法律. It is also 支配する to a U.S. 司法省 調査.
Explaining the 合理的な／理性的な for placing the Mutanda 巡査 and cobalt 地雷 in the DRC on "care and 維持／整備" from the end of this year for an 推定する／予想するd two years, Glasenberg said there was "a mix" of 推論する／理由s, 含むing DRC's 改訂するd 採掘 code, which Glencore is challenging.
Above all, Glasenburg said the 地雷's 経済的な viability had 悪化するd because of low cobalt prices, poor 接近, 増加するd costs and higher 税金s.
Glencore in the past has 制限するd 供給（する）s to 上げる prices. It spurred a 10% price 決起大会／結集させる in zinc after the company in October 2015 announ ced 計画（する）s to 削減（する） zinc 生産／産物 by 500,000 tonnes, or 4 パーセント of the 全世界の market.
BURST BUBBLE
攻撃する，衝突する by oversupply, cobalt prices have shrunk from above $60,000 per tonne in late 2018 to around $25,000.
巡査 prices are also subdued, as 貿易（する） 緊張s between the 部隊d 明言する／公表するs and 中国 重さを計る on 商品／必需品 markets.
Glencore said last week it had begun an 精密検査する of its underperforming Africa 商売／仕事 after the company 直面するd a $350 million 攻撃する，衝突する because of lower cobalt prices.
The company also said on Wednesday its 逮捕する 負債 to EBITDA 割合 had crept above its 的 to 1.24 times.
The 割合 is an important 手段 of 利用できる cash for the 資本／首都-集中的な 採掘 産業. Glencore said the level was "still healthy" but sought to move に向かって a 割合 of one over the next six to 12 months.
分析家s had 推定する／予想するd Glencore to 報告（する）／憶測 核心 収入s of $5.94 billion in the first half, によれば a company-収集するd 合意 of 12 見積（る）s.
In a 公式文書，認める, Credit Suisse said the "silver lining" was that the 終結 of Mutanda would 上げる the cobalt market. The 地雷 produced around 13,000 tonnes of cobalt in the first half and accounts for 15% of 全世界の 供給（する）s, Credit Suisse 概算の.
It 繰り返し言うd its outperform 率ing, 説: "にもかかわらず the 見込み of その上の 消極的な newsflow, our outperform 率ing is underpinned by Glencore's 高度に attractive valuation versus its peers."
株 of other diversified 鉱夫s have risen this year, while Glencore's 株 price has lost around a fifth.
フランs Hudson, an 投資 director at Aberdeen 基準, one of Glencore's 最高の，を越す 20 株主s, said "an approach that 制限するs the 供給（する） of cobalt to the market looks 合理的な／理性的な".
So far, the 受益者s of the 心配するd shut-in have been 中国-名簿（に載せる）／表（にあげる）d cobalt 生産者s, whose 株 have 決起大会／結集させるd 堅固に.
(付加 報告（する）／憶測ing by Pushkala Aripaka in Bengaluru and Pratima Desai and Zandi Shabalala in London; Editing by Dale Hudson and Anil D'Silva)
