Glencore reports rise in copper production after mines expand
GLENCORE’S copper production rose eight per cent in the first nine months of the year thanks to strong output from Africa while the company’s trading division performed in line with its expectations.
The miner and commodity trader has the biggest exposure to copper among the diversified miners.
The London-listed company, which makes almost half its profit from the red metal, said copper output from its sources rose to more than 1.14m tonnes in the first nine months of the year, driven by expansion at its Mutanda and Katanga mines in the Democratic Republic of Congo.
In October it was revealed that Glencore had made an approach to rival miner Rio Tinto, with a view to forming the world’s largest mining company worth an estimated £100bn, however this merger offer was rebuffed.
Glencore’s shares closed down 1.38 per cent at 310.60p.