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Glencore copper, cobalt output slumps in 2020; affirms guidance for 2021
StockMarketWire.com
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Miner and commodities trader Glencore reported substantial falls in annual 2020 copper and cobalt production, pinned on maintenance at its Mutanda mine in the Democratic Republic of Congo.
The company left its annual production guidance for 2021 unchanged.
In the year through December, copper and cobalt production fell 8% and 41%, respectively.
Lead, nickel, ferrochrome coal and oil production fell 7%, 9%, 28%, 24%, and 29% respectively, while zinc, gold and silver production were higher.
'Required Covid-19 related mandatory suspensions and international mobility restrictions significantly impacted 2020 production of ferrochrome in South Africa, oil in Chad and nickel at Koniambo,' the company said.
'Furthermore, various proactive market-related supply reductions were initiated in the second half, primarily with respect to coal production from Australia.'
Story provided by StockMarketWire.com
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