Glencore lowers copper production guidance due to problems at Congo mine
Commodities trader Glencore today said it is set to produce less copper this year than previously forecast due to technical issues at its Katanga mine in the Congo.
The Anglo-Swiss multinational lowered its copper production guidance figures by 4.5 per cent, from 1,110 kt to 1,060 kt due to the ongoing geotechnical constraints related to Katanga’s open pit and the ongoing challenges of managing larger volumes of acid-containing ore.
The firms copper production was also lowered by the selling off of its Collahuasi mine in Chile and its Ernest Henry mine in Australia.
Glencore said its zinc production also dropped by 17 per cent in the first half of the year, as disposals and closures in South America, and Covid related absences reduced output from the Mount Isa mine in Australia.
The firm said the lower production from Katanga would be partially offset by improved production of cobalt, nickel, and ferrochrome.
Ahead of the publication of its half year results next week, Glencore said its financial performance has been “very strong” over the previous six months, due to high energy prices and “buoyant energy markets”.
The firm said it had also recorded a fatality in its managed operations over the past six months. The news comes after Glencore chief executive Gary Nagle saw his bonus cut by $112,500 after four workers were killed in 2021.