Glencore navigates the crisis’ sea

Glencore still in the midst of the crisis: the Zug-based giant in fact restricted even further their mining activities in the first six months of the year. The own copper production fell by 4% to 703'000 tons for coal, the decline was 14% to 58.8 million tons and zinc decreased by 31% to 506'500 tons.

With regard to oil extraction, it was limited to 4.4 million barrels in order to preserve stocks ahead of a hydrocarbon of the price increase, it said in a note today; Glencore has thus postponed the new mining activities. In contrast however the extraction of nickel, grew during the review period by 17%.

The acquisition late last year of two factories in the United States active in the shredding, higher volumes in Argentina as well as an earlier start than usual of the sugar cane harvest treatment in Brazil have boosted agricultural production; the volume of products treated has jumped by 43% to 6.4 million tons.

According to Glencore, a degree of caution should prevail even in the second half: the management has further lowered the annual objectives for the oil and coal. For the whole year, copper production was revised slightly higher. The detailed financial results will be published on August 24th.