Glencore fourth-quarter down in most metals but 2020 targets unchanged

LONDON (Reuters) – Glencore (LON:) posted a 6% fall in fourth-quarter production and a 13% decline in cobalt as the miner and trader shut its Mutanda mine ahead of schedule.

Glencore, which in December forecast a modest decline in copper output over the next three years, shut its Mutanda mine in the Democratic Republic of Congo in November due to falling cobalt prices and rising costs and taxes.

In 2019, copper output fell 6% to 1.37 million tonnes while cobalt climbed 10% to 42,200 tonnes as ramping up of its Katanga mine in Congo was offset by the closure Mutanda.

The London-listed company said copper output fell to 355,400 tonnes in the final quarter and cobalt production dropped to 11,900 tonnes.

Production of zinc, lead, ferrochrome and nickel fell slightly, missing forecasts, but the company kept its full year 2020 outlook unchanged.

Glencore on Tuesday appointed former China Molybdenum CEO Kalidas Madhavpeddi to its board.

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