Glencore reported 13% increase in copper production
That compares with analysts’ estimates ranging from 739,000 to 754,000 tons.
The Glencore mining company reported an increase of 13% its copper production in the first half of the year, in line with market expectations, thanks to growth in its mines in Africa and South America, but its production of zinc and nickel declined .
The Company listed in London, which is due to report its half year results next week, gets about half of its profits of copper and said its total copper production rose 741,000 tons in the first half of this year.
That compares with analysts’ estimates ranging from 739,000 to 754,000 tons.
The increase was primarily due to higher copper extraction in its mines Mutanda and Katanga in the Democratic Republic of the Congo and its Antapaccay mine in Peru.
Operational improvements in the Collahuasi mine in Chile, a joint venture with Anglo American, also contributed.
“The production of the second quarter was in line with our forecasts. The production profile for the group leans toward the second half of the year, so we expect volume improvements in the future”, analysts said.-
Source: Reuters
