Glencore’s Katanga slides to $84m loss in Q2

Katanga Mining posted an $84 million loss in the second quarter as a result of higher operating costs, low copper prices and price-driven impairment charges at its assets in the Democratic Republic of Congo.

The miner, a majority-owned subsidiary of Glencore, produced finished 40,100 tonnes of copper in the second quarter, broadly steady year-on-year and up by 3,000 tonnes on first quarter output , the company announced on Wednesday August 12. However, the profitability of mining slumped as cash costs rose to 2.46 cents per lb, up by 42 cents per lb, and realised copper prices dropped to $2.52 per lb, down 20% on the prior year period. Following a $28.4 million loss in the first quarter, Katanga’s net loss for the half year totalled $112.5 million, compared...

Published

Mark Burton

August 13, 2015

09:18 GMT

London