Glencore says African copper business below expectation

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo - Copyright Arnd Wiegmann(Reuters)

By Reuters

Published on 31/07/2019 - 09:04•Updated 26/04/2024 - 06:01

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LONDON (Reuters) - Miner and trader Glencore <GLEN.L> on Wednesday said its African copper business had failed to meet expected operational performance, and its first-half copper output was around 5% lower than last year, although cobalt was 28% higher.

Glencore's exposure to risk in Africa, including in Democratic Republic of Congo and Zambia, has weighed on the company's share price this year.

In a statement, CEO Ivan Glasenberg said the company had moved to address the challenges at its Katanga mine in Democratic Republic of Congo with management changes and an operational review and in Zambia was near the end of multi-year transformation projects.

(Reporting by Barbara Lewis, editing by Louise Heavens)

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