Glencore-Backed Cobalt Holdings Axes $230 Million London IPO
Structures used for processing raw cobalt at a mine near Lubumbashi, the Democratic Republic of Congo.
Photographer: Lucien Kahozi/BloombergCobalt Holdings Plc has decided not to proceed with its planned initial public offering in London.
The company made the announcement in a statement on Wednesday, ahead of its planned debut on Thursday. The offering had aimed to raise about $230 million to make an initial purchase of cobalt from mining giant Glencore Plc, and to pay for storage costs.