Glencore in talks to sell Philippine copper smelting unit
Due to its location, the business — Pasar — has long been a key trading asset for Glencore.
Copper output in Chile, the world’s largest producer of the metal, fell 5.5% year-on-year to 459,229 tonnes in November, the country’s statistics agency INE said on Friday.
The agency said the drop was partly due to lower ore grade and operational problems affecting major companies in the sector.
Some copper deposits have also been affected by less water availability, fatal accidents and maintenance issues. Chile is the world’s top copper producer and is home to global giants like Codelco, BHP, Glencore, Anglo American, Freeport and Antofagasta.
Manufacturing production in the Andean nation dropped 7.8% in the month, INE added. This follows a 9.2% drop in October.
INE said the decrease was largely due to a drop in manufacturing of chemical products and substances due to a lower availability of raw materials to produce methanol.
There was also a drop in metal products, alcoholic and non-alcoholic beverages due to lower demand leading to less wine grape production.
(By Fabian Andres Cambero; Editing by Alex Richardson)
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