27 Jul Glencore copper production down 9% in first half report
Glencore has reported a 9% decrease in copper output during the first half of 2017, dropping down to 642,900 tonnes compared with 703,000 tonnes a year earlier.
The multi-focused commodities giant attributed the disappointing copper production figure to a transitioning process towards mining a greater portion of copper/zinc ores at its Antamina mine in Peru, along with temporary lower copper grades at Antapaccay in the same country.
Reduced production was also felt in the Democratic Republic of Congo after wet weather resulted in reduced ore throughput at Mutanda, while production gradually winds down at Glencore’s Argentinian Alumbrera mine as it nears the end of life.
The news comes at the same time as copper prices hit a two-year high on the London Metal Exchange, following China’s move to ban imports of scrap metal by the end of next year.
In other metals, zinc production was up 13% to 570,800 tonnes, as Glencore cited ‘generally solid performances across the [zinc] portfolio’, but nickel output dropped by 10% to 51,200 tonnes, primarily due to maintenance.