Glencore 2Q Copper Production Fell 2%; Cuts Fiscal Year Copper Production Guidance
31 Julho 2019 - 3:58AM
Dow Jones News
By Oliver Griffin
Glencore PLC (GLEN.LN) on Wednesday reported a 2% fall in
second-quarter copper production and cut its full-year production
guidance for the metal by 1%, citing problems at its copper
business in Africa.
The Anglo-Swiss commodity trading and mining company said it
produced 342,300 metric tons of copper in the three months ended
June 30, compared with 350,800 tons in the year-earlier period.
Cobalt and zinc production during the second quarter rose 7%
each to 10,400 tons and 273,600 tons respectively, Glencore
said.
The mining company also reported that total coal production
during the second quarter rose 12% to 35 million tons.
Chief Executive Ivan Glasenberg said the copper business in
Africa didn't meet expected performance in the first half of the
year. He said the company has moved to address challenges at its
Katanga mine in the Congo and has brought forward maintenance of
the smelter at the Mopani mine--located in Zambia--to the end of
2019.
The company said that as a result of the maintenance, production
guidance at the Mopani mine for the full year has been cut by
10,000 tons.
Glencore said that updated copper and cobalt production guidance
for the full year will be provided at its half-year financial
results in August.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
July 31, 2019 02:43 ET (06:43 GMT)
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