UPDATE 1-Glencore posts rise in copper, cobalt output on Katanga restart
Oct 26 (Reuters) - Glencore Plc on Friday reporteda 12 percent rise in copper production so far this year, whilecobalt production rose 44 percent, boosted by the restart ofKatanga's processing operations in the Democratic Republic ofCongo.
The London-listed miner and commodities trader, whichposted record half-year earnings in August, said then it hadbeen facing higher costs and weak prices for cobalt and otherbyproducts.
Glencore's copper production rose by 116,600 tonnes to1,063,100 tonnes from the start of this year and cobalt outputjumped 8,700 tonnes to 28,500 tonnes.
Rival Anglo American on Tuesday said its copperproduction rose 17 percent, helped by an overall increase inproductivity as each employee has been 5 percent more productivethis year than in 2017.
Other major miners reporting this month - BHP Billiton Plcand Rio Tinto Plc- havesignalled lower output in copper, needed for an anticipatedincrease in electric vehicle manufacturing.
Glencore's share price, which has underperformed the topglobal miners, has also been pressured by higher costs in theDemocratic Republic of Congo because of a recent new miningcode, and a U.S. Department of Justice investigation.
The company reiterated its full-year marketing guidancewould come in at the top half of its $2.2 billion to $3.2billion long-term range.
However, it cut its full-year expectation for oil productionby 300,000 barrels to 4.6 million barrels, due to a one-monthunplanned stoppage at its Mangara field in Chad.
(Reporting by Arathy S Nair and Muvija M in Bengaluru; Editingby Bernard Orr)
1810, outside U.K. +91 80 6749 3863; Reuters Messaging:arathys.nair.thomsonreuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |