Glencore Plans Copper Stoppage in Africa as Prices Bite Miners
- Mopani and Katanga facilities may be shut for 18 months
- Production review unveiled as part of plan to cut debt
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Glencore Plc’s suspension of two African mines will cut its copper output by nearly a fifth, a move that lifted prices in one of the world’s major metals markets that isn’t heavily oversupplied.
Glencore is reviewing copper production at its Mopani operation in Zambia and the Katanga facility in the Democratic Republic of Congo in light of the “challenging environment for commodities,” it said in a statement. Plunging prices are forcing miners to consider cutting production or delaying new projects to save money and mitigate oversupply.