Glencore’s copper and cobalt bolstered after restart of operations at mine

Glencore share price subdued as group updates on full-year output

Glencore share price subdued as group updates on full-year output

Miner and trader Glencore on Friday stuck to its 2019, production targets and said cobalt output past year soared 54 percent while copper rose 11 percent due to the restart of operations in the Democratic Republic of Congo.

Mining giant Glencore backed its 2019 guidance after core copper and cobalt production was bolstered by the restart of operations at its Katanga mine. Own sourced copper sales, however, were some 22,000 tonnes lower than production, due to timing of shipments.

Glencore said that it is temporarily stockpiling cobalt at the Katanga mine until it finds a long-term solution to remove excess uranium levels in cobalt.

Elsewhere, own-sourced zinc production of 1,068,100 tonnes was in line with 2017, reflecting the offsetting impacts of the disposals of the African zinc assets in August 2017 and the restart of mining at Lady Loretta in mid-2018.

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Copper production met guidance, rising 11% to 1,453,753 tonnes from a year earlier.

For 2019, the company expected copper production to come in at a range of 1,409,000 to 1,499,000 tonnes and cobalt output in a range of 52,000 to 62,000 tonnes.

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities.

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