THE recovery of Glencore’s African Copper business was on track, said the Financial Times citing the Swiss firm’s fourth quarter production results published today.
Production at Katanga, in the Democratic Republic of Congo (DRC), increased 11% in three months ended December to 65,400 tons.
“Katanga’s copper production in the fourth quarter of 2019 implies full year production ahead of our estimates at 260,000 tons and should help the company to achieve its guidance of 300,000 tons production by 2022,” said analysts at Citi.
Said Tyler Broda, an analyst at RBC Capital Markets: “African Copper production continues to rebound with Katanga having a strong quarter”.
Glencore also unveiled a new board appointment in the form of Kalidas Madhavpeddi, the former CEO of China Molybdenum International who will be a non-executive director, the newspaper said. Madhavpeddi left China Moly in 2018 after a decade at the helm.
“His experience includes substantial involvement in operations and business dealings with both Phelps Dodge and China Moly in the DRC,” said Glencore chairman Tony Hayward. “We look forward to benefiting from his experience and insights.”
The other miners on Glencore’s board are former Xstrata executive Peter Coates and Patrice Merrin, said the Financial Times.