Glencore rallies despite decline in copper output

Photographer: Simon Dawson/Bloomberg
Photographer: Simon Dawson/Bloomberg

The world’s biggest commodity trader Glencore, run by South African CEO Ivan Glasenberg, released an update about its mining production for last year on Tuesday, which saw its share price jump by more than 4%.

But the company’s share price remains around its lowest levels in three years as it struggles with copper production in Africa, as well as legal problems. It is being investigated for bribery by UK authorities, and is also faces ongoing corruption probes in the US and Brazil.

On Tuesday, Glencore reported declines in some of the output from its mines, but kept its profit outlook for the year unchanged.

Its copper production fell by 6% to 1.4 million tonnes in 2019. The decline was in part due to its closure of the Mutanda mine in the Democratic Republic of Congo last year, as well as a shutdown of its Zambian Mopani mine due to the refurbishment of its smelter.

This was partially offset by a ramp-up at its Katanga mine in the DRC.

Its nickel production also declined, while cobalt output rose by 10% of 46,300 tonnes, and its zinc production of 1 million tonnes was flat.  

Coal production rose by 8% to 139.5 million tonnes, while oil production of 5.5 million barrels was 19% higher than in 2018. This was thanks to a drilling campaign in Chad and the first oil from the Bolongo field in Cameroon.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
15.37
(-0.12)
ZAR/GBP
20.51
(-0.09)
ZAR/EUR
18.21
(+0.01)
ZAR/AUD
11.26
(-0.36)
ZAR/JPY
0.15
(-0.05)
Gold
1827.52
(-0.44)
Silver
23.44
(-0.33)
Platinum
934.31
(+0.88)
Brent Crude
45.51
(+2.15)
Palladium
2327.48
(-0.05)
All Share
57588.85
(+0.77)
Top 40
52858.62
(+0.72)
Financial 15
11651.07
(+2.76)
Industrial 25
79981.13
(+0.08)
Resource 10
52213.11
(+0.85)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
22% - 312 votes
No, I did not.
51% - 739 votes
My landlord refused
27% - 397 votes
Vote