Tuesday, July 31, 2018 10:36:18 AM
Glencore, the miner and commodity trader, has reported higher output from its key copper and cobalt mine in the Democratic Republic of Congo.
The Swiss-based group said Katanga had produced 35,6000 tonnes of copper in three months to June, against from 27,000 in the previous quarter, and 2,500 tonnes of cobalt, up from 500 tonnes.
Glencore, which is run by Ivan Glasenberg, suspended mining at Katanga in 2015 so that it could invest in new processing technology, which came on line this year.
Analysts at Barclays said Tuesday’s trading update suggested the “ramp-up” was progressing well and the mine was on target to produce 150,000 tonnes of copper this year.
Katanga is Glencore’s most important growth asset and is set to become the world’s biggest producer of cobalt, a key battery metal. In June Glencore settled a legal dispute with Gécamines, the DRC’s state-owned mining company, which threatened its control of the mine.
Glencore said its total African copper production, including its operations in Zambia, jumped 75 per cent to 194,600 tonnes in the six months to June while cobalt, rose 32 per cent to 14,800 tonnes.
With half results due next week, Glencore did not provide an update on the performance of its powerful trading, or ‘marketing’ arm. However, it did revise production guidance for its lead and coal divisions, reducing them by 5 per cent and 2 per cent respectively.
Glencore is one of the world’s biggest traders of metals, minerals and oil, something that sets the company apart from its peers. The company said earlier this year that it expected earnings from its trading business, to be in the top half of a $2.2bn to $3.2bn range.
“African copper saw a faster ramp up at Katanga than we had modelled and stronger performance at both Mutanda and Mopani, also translating into the higher cobalt production,” said Tyler Broda analyst at RBC Capital Markets.
https://www.ft.com/content/09a5e4e6-9489-11e8-b67b-b8205561c3fe
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