Glencore has lowered its full-year production guidance for copper mainly due to the ongoing geotechnical constraints facing Katanga’s open pit in the Democratic Republic of Congo (DRC) and continued management of higher levels of acid-consuming ore.
Company chief executive Gary Nagle said they reduced their guidance by 5% to just above 1 million tonnes from the previous 1,1 million tonnes.
Glencore said the operating challenges facing Katanga are expected to continue in the short to medium term, also impacted by land access constraints that Katanga is endeavouring to address.
“We are accelerating the next cutback in the KOV pit to resolve some of the immediate constraints, while simultaneously planning upgrades to the processing circuit to match the evolution of the orebody over the life of mine,” said the company.
The company’s own sourced copper production of 510,200 tonnes was 15% lower in the first half of 2022 compared with 598 000 tonnes, a year earlier.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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