Glencore Copper Production Declines in 2022, Maintains 2023 Outlook
Yesterday,01.02.2023 Glencore reported a 12% decrease in copper output for 2022, due to challenges at its Katanga open-pit mine in the Democratic Republic of Congo.
The London-listed miner and trader said it produced 1.06 million tonnes of copper last year, and kept its 2023 outlook unchanged at around 1.04 million tonnes.
The disruptions at copper mines caused by extreme weather conditions, labor disputes, or declining ore grades have led companies to modify their 2023 production projections, posing a challenge as they search for minerals to support the growth of green energy. Chilean mining company Antofagasta reported a 10% decrease in its 2022 copper production.
Disruptions at copper mines due to extreme weather, labour issues or lower grades have caused companies to revise their production expectations for 2023, a headache as they hunt for minerals to power the green energy boom. Chilean miner Antofagasta reported a 10% fall in 2022 copper output.
Glencore suspended operations at its huge Antapaccay copper mine in Peru on Jan. 20 after protesters attacked the premises.
The company reported a 6% increase in coal production to 110 million tonnes, driven by its Cerrejon mine in Colombia, a level of production that it expects to keep this year.
Glencore last month shelved development of a A$2 billion ($1.3 billion) coal mine in Australia’s Queensland state given global uncertainties and a hike in state royalties that damaged investor confidence.
Its zinc production fell 16% to 938,500 tonnes due to mine closures and sales, while cobalt output of 43,800 tonnes rose 40% year on year, due to the restart of the Mutanda mine in the DRC.
SOURCE:minning.com
