Glencore’s copper production rises, cobalt output soars
The miner and trader reiterated full-year marketing guidance, but cut its outlook for oil production
Bengaluru — Glencore’s copper production is up 12% so far this year, while cobalt production rose 44%, boosted by the restart of Katanga’s processing operations in the Democratic Republic of Congo.
The London-listed miner and commodities trader, which posted record half-year earnings in October, has paid higher costs and received lower prices for cobalt and other byproducts.
Glencore’s copper production rose by 116,600 tons to 1,063,100 tons from the start of this year, and cobalt output jumped 8,700 tonnes to 28,500 tons, the company said on Friday.
Rival Anglo American said on Tuesday that copper production rose 17%, helped by an overall increase in productivity as each employee has been 5% more productive this year than in 2017.
Other major miners reporting this month — BHP Billiton and Rio Tinto — have signalled lower output in copper.
The metal is needed for an anticipated increase in electric vehicle manufacturing.
Glencore’s share price, which has underperformed the top global miners, has also been pressured by higher costs in the Democratic Republic of Congo because of a recent new mining code, and a US justice department investigation.
The company reiterated that its full-year marketing guidance would come in at the top half of its $2.2bn-$3.2bn long-term range.
However, it cut its full-year expectation for oil production by 300,000 barrels to 4.6-million barrels, due to a one-month unplanned stoppage at its Mangara field in Chad.