Glencore copper production falls after DRC shutdown

Glencore reported a 6% fall in copper production for 2019 after the miner and commodities trader shut down its mine in the Democratic Republic of Congo.

Total own-sourced copper production fell by 82,500 tonnes to 1,371.2 kilotonnes in the year to the end of December. About half the decline was at the company's African copper operations, where production fell 10% to 369.9 kilotonnes.

The FTSE 100 company said the ramp-up of its Katanga mine in DRC partly offset the impact of putting the Mutanda mine, also in DRC, into temporary care and a shutdown of its Mopani smelter in Zambia for refurbishment.

Own-sourced cobalt productions rose 10% to 46,300 tonnes reflecting Katanga's ramp-up. Zinc production of 1,077,500 tonnes was in line with 2018 as mine restarts in Australia and Peru were offset by reduced production in Kazakhstan for safety reasons. Production in the fourth quarter was weaker than expected, mainly because of mechanical productions in Kazakhstan.

Glencore suspended operations at Mutanda, which is also the world's biggest cobalt mine, a month earlier than planned in November for an expected period of two years. The company said falling prices, higher costs and taxes had impaired the site's viability.

The company left its 2020 production guidance unchanged.