LONDON (Reuters) – Glencore said on Wednesday it faced a $350 million hit after cobalt prices halved and has begun an overhaul of its under-performing Africa business, which it will explain next week with output revisions in Democratic Republic of Congo.
First-half copper production was 5% lower than last year, while cobalt output rose 28%. Zinc and coal output rose 8% and 10% respectively and nickel dropped 11% versus the same time last year because of maintenance.
London-listed Glencore’s exposure to risk in Democratic Republic of Congo and Zambia has weighed on the company’s share price, which has fallen while those of its diversified mining peers have risen. Continue Reading →