Glencore cuts copper production target
Company reports 7% drop in first-quarter output
Commodities giant Glencore lowered its full-year production target for copper on Tuesday as it reported a 7% drop in first-quarter output for the metal, hurt in part by severe flooding in Australia.
The mining and trading company said quarterly copper production slipped to 320,700 tons, while cobalt output jumped 56% in the same period.
Glencore, which is being investigated by the US department of justice over its operations in Congo, said it now expects copper production for the year to be 1,460 kilo ton, plus or minus 30 kilo tons. It had earlier forecast 1,540 kilo tons plus or minus 45 kilo tons.