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Glencore mulls closing some SA operations

May 05 2015 09:53
Jesse Riseborough

(Shutterstock)

Company Data

GLENCORE PLC [JSE:GLN]

Last traded 44
Change 1
% Change 1
Cumulative volume 355409
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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London - Glencore [JSE:GLN] , the mining and commodities company led by billionaire Ivan Glasenberg, reported a 9% decline in copper production after ore grades fell and a Chilean mine shut for maintenance.

Output of copper from mines in Africa, Australia and South America was 350 700 metric tonnes in the first quarter, the Baar, Switzerland-based company said Tuesday in a statement. That compared with 385 600 tonnes a year earlier.

Ore grades declined at the Alumbrera mine in Argentina and the Antamina mine in Peru, while planned work at the Collahuasi operation in Chile also reduced volumes of the metal used in pipes and wires.

Glencore, the world’s biggest exporter of power-station coal, said output of the commodity increased 4% to 35.6 million tonnes. The company has said it will trim Australian production by 15 million tonnes this year and is considering shutting operations in South Africa after prices slumped to near the lowest since 2007.

Production of zinc rose 16% to 356 200 tonnes, lead decreased 4% to 75 800 tonnes and nickel gained 7% to 23 800 tonnes.

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