A reduction in industrial activity that mirrors the projected reduction in economic growth to below double figures in China has led to a sharp decline in demand for cobalt leading to the mothballing of one of the world's richest cobalt mines situated in the Democratic Republic of Congo, reported the Financial Times in London. Cobalt miner, Camec (Central African Mining & Exploration Company plc), suspended activity at the Mukondo mine, with chief executive Andrew Groves remarking that, “it is almost as if there is a buyers' strike”, particularly as just six months ago, Chinese buyers were purchasing record quantities of cobalt and sending it to Chinese factories for processing. Cobalt is a versatile element finding uses across a spectrum of industries from aerospace, through chemicals to magnetics. It is vital component of superalloys widely used in modern turbofan jets, the rechargeable batteries that are key to future electric car technology, permanent magnets in loudspeakers, hearing systems and coatings for video tapes, as well as the hardmetal tooling industry and in defence in the shape of kinetic penetrator anti-tank ammunition. In a statement, the company called the decision: “A swift reaction to a sudden steep decline in cobalt demand from China, as well as a further decline in the copper price.” According to Reuters, the import price of cobalt in eastern China fell 16 % mid-November and reportedly fell again to almost $12 per pound by 21 November. Cobalt's price crash mirrors other industrial metals including aluminium, zinc, nickel and copper; the mining of which has also suffered suspension. Camec's Mukundo mine may resume production in early 2009 if prices recover.