Glencore’s Copper Production Gains 2.5% on Mutanda MineJesse Riseborough
Glencore Plc, the world’s third-biggest mining company by market value, said copper production increased 2.5 percent in the second quarter as output rose from its Mutanda mine in the Democratic Republic of Congo.
Output from its mines was 359,100 metric tons, up from 350,300 tons a year earlier, Baar, Switzerland-based Glencore said today in a statement. Coal production gained 5.7 percent to 37.1 million tons.
Glencore is the biggest exporter of power-station coal, with interests in more than 35 mines in Colombia, Africa and Australia, and accounts for about 10 percent of seaborne supplies. Sales of the fuel and copper are the largest contributors to its profit. The company reports first-half earnings next week in the wake of an energy-coal supply glut that drove prices to their lowest since 2009 in the period.
Zinc production dropped 3.7 percent to 344,000 tons, lead output was 5.7 percent lower at 69,900 tons and nickel was unchanged at 26,800 tons.
Glencore has risen 22 percent in London trading this year, giving it a market value of 49.5 billion pounds ($83 billion). It dropped 0.8 percent to 371.90 pence at 8:09 a.m. local time.
Chief Executive Officer Ivan Glasenberg is the second-largest shareholder, with 8.3 percent of the stock. Qatar Holding LLC is the biggest investor, with 8.8 percent.
Peter Grauer, the chairman of Bloomberg LP, parent of Bloomberg News, is a non-executive director of Glencore.
BHP Billiton Ltd. and Rio Tinto Group are the two largest mining companies.