Glencore reports 9% drop in first quarter copper production
Swiss-based miner Glencore reported a 9% drop in first-quarter copper production to 350,700 tonnes Tuesday, reflecting grade reductions at its South American Alumbrera and Antamina mines and a planned maintenance shutdown at its Collahuasi mine.
Glencore plc
R3,488.00
18:15 28/07/16
Own-sourced zinc production was up 16% to 356,200 tonnes, while nickel production was up 7% at 23,800 tonnes and attributable ferrochrome rose 15% to 385,000. Own-sourced coal production was 4% higher at 35.6 million tonnes.
Bank of America Merrill Lynch said the results were mixed, with copper and nickel production falling short of its expectations but coal and zinc ahead. Credit Suisse, meanwhile, said copper production was 6% light of its forecasts.