Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Glencore said on Wednesday its copper production fell 12% in 2022, impacted by issues at its Katanga open-pit mine in the Democratic Republic of Congo (DRC).
The London-listed miner and trader said it produced 1.06 million tonnes of copper last year, and kept its 2023 outlook unchanged at around 1.04 million tonnes.
Disruptions at copper mines due to extreme weather, labour issues or lower grades have caused companies to revise their production expectations for 2023, a headache as they hunt for minerals to power the green energy boom. Chilean miner Antofagasta reported a 10% fall in 2022 copper output.
Glencore suspended operations at its huge Antapaccay copper mine in Peru on Jan. 20 after protesters attacked the premises.
The company reported a 6% increase in coal production to 110 million tonnes, driven by its Cerrejon mine in Colombia, a level of production that it expects to keep this year.
Glencore last month shelved development of a A$2 billion ($1.3 billion) coal mine in Australia’s Queensland state given global uncertainties and a hike in state royalties that damaged investor confidence.
Its zinc production fell 16% to 938,500 tonnes due to mine closures and sales, while cobalt output of 43,800 tonnes rose 40% year on year, due to the restart of the Mutanda mine in the DRC.
(By Clara Denina and Muhammed Husain; Editing by Subhranshu Sahu and Louise Heavens)
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