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Glencore PLC on Friday reported a 4% fall in third-quarter copper production and backed its full-year production guidance for the metal.
The Anglo-Swiss commodity GLEN, -0.71% trading and mining company said it produced 352,800 metric tons of copper in the three months ended June 30, compared with 366,900 tons in the year-earlier period. The company said this was due to a reoptimization plan at the Mutanda mine, a smelter shutting down at Mopani, and the disposal of two assets in South America partly offset by Katanga’s ramp-up.
Cobalt production in the period rose 11% to 13,100 tons whereas zinc production fell 5% to 273,300 tons, Glencore said.
The mining company also reported that total coal production during the third quarter rose 3% to 35,800 tons.
Glencore backed its copper guidance for 2019 of 1.4 million metric tons.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
October 25, 2019 02:36 ET (06:36 GMT)
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