Message Lun 7 Sep 2015 10:51

Glencore PLC Review at Mopani Copper Mine

Glencore Plc (LON:GLEN) notes the announcement made by Katanga Mining Limited on 6 September that the Management of Katanga has commenced a review of its business, including operations and expenses, in light of the challenging environment for commodities. A similar review at Mopani Copper Mines (Mopani) has also commenced.
This will include the suspension of production at Katanga and Mopani for 18 months up until the completion of the expansionary and upgrade projects. This includes the whole ore leach at Katanga and the new shafts and concentrator at Mopani. A suspension of operations will remove approximately 400,000 tonnes of copper cathode from the market. The expansionary and upgrade programs will provide a material reduction in overall operating costs at both operations. Once complete, the programs are expected to reduce C1 costs at Katanga and Mopani to c.$1.65lb and c.$1.70lb respectively from more than c.$2.50lb today. Glencore will continue to fund the expansionary and upgrade projects at both operations.
Mutanda Mining continues to perform well, producing above name plate capacity at a C1 cost of $1.33lb.
Glencore Plc is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group’s operations comprise of over 150 mining and metallurgical sites, oil production assets and agricultural facilities. With a strong footprint in both established and emerging regions for natural resources, Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore’s companies employ around 181,000 people, including contractors.
Glencore Plc is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.