Glencore’s Katanga Has First Quarterly Loss Since 2009 on Power

Glencore International Plc (GLEN)’s Katanga Mining Ltd. (KAT) unit, a copper producer in the Democratic Republic of Congo, posted its first quarterly loss since 2009 after power cuts trimmed output.

Katanga, 75 percent owned by the world’s biggest commodities trader, reported a net loss of $916,000 for the three months through June, the Zug, Switzerland-based company said today in a statement. That compares with net income of $43.7 million a year earlier and is its first quarterly loss since the third quarter of 2009.

Power shortages in Congo resulted in about 17 days of lost production in the quarter and 28 days in the first half, Katanga said. It expects disruptions to decrease this half. Glencore is scheduled to report first-half earnings Aug. 21.

Katanga said first-half net income was $16.7 million, down from $85.5 million a year earlier.

To contact the reporter on this story: Jesse Riseborough in London at jriseborough@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net

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