Glencore cuts production and capex as Covid-19 pandemic hits

1 May 2020 (Last Updated May 1st, 2020 11:31)

Glencore has announced its financial results for the first quarter of 2020, which are headlined by a 29% drop in copper production and a 44% decline in cobalt production compared to the first quarter of 2019, with the Covid-19 pandemic leading to mine closures and supply chain disruption across its operations.

The company has seen widespread reductions in production, with lead, ferrochrome and gold output falling 17%, 3%, and 1% respectively, with the impacts of the healthcare crisis not limited to the miner’s core commodities. While there have been bright spots, such as a 13% increase in lead production compared to the first quarter of 2019, the overall trend is disheartening for the miner.

Read more about the impacts of the pandemic on Glencore’s results here.