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