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4/30, 8:32 AM (Source: TeleTrader)
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Glencore lifts cobalt output but lags in copper, gold

Glencore Plc said on Tuesday that the production of copper from its own sources dropped by 7.2% on an annual basis to 320,700 tons in the first quarter. Gold output dropped by 12.6% to 202,000 ounces, the report said. On the flipside, the result for cobalt came in at 10,900 tons, a surge by 55.7% from the same period last year. The material is in high demand as it is a crucial component in batteries and alloys for aircraft engines.

The Anglo-Swiss mining giant revealed it mined 7.62 million ounces of silver, a decline by 8.1%. Data showed 27,100 tons of nickel was produced, which was 10% lower year over year. Zink output grew by 8.1% to 262,300 tons, compared to a rise of 28.8% in lead to 73,900 tons.

The company attributed the drop in copper to flooding in Australia's Queensland, outages at Mopani in Zambia and the depleted open-pit mining in Alumbrera and the sale of Punitaqui, both in South America. The guidance for the red metal was cut by 40,000 tons for fiscal 2019 to between 1.43 and 1.49 million tons. Operations at the Kamoto copper and cobalt mine in Katanga may be less intensive than currently assumed due to construction works and upgrades, Glencore said.

Breaking the News / IT