SMM10 29-Glencore (Glencore Plc) announced on Friday that copper production has increased by 12 per cent and cobalt production by 44 per cent so far this year, mainly driven by the restart of the ore processing business in Katanga, the Democratic Republic of the Congo. The London-listed miner and commodities trader said it had been facing rising costs and weak prices for cobalt and other by-products.
(Anglo American), its rival Anglo American, said on Tuesday that its copper production was up 17 per cent, thanks to an increase in overall productivity, as the average productivity per employee this year was 5 per cent higher than in 2017.
Other major miners reporting results this month include BHP Billiton (BHP Billiton Plc) and Rio Tinto, both of which say copper production has fallen.
Glencore also reiterated that its full-year marketing target would be at the top of the long-term range of $22 to $3.2 billion. However, the company cut its full-year oil production forecast by 300000 barrels to 4.6 million barrels as a result of an unexpected one-month shutdown at the Mangara field.
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