Mining company and raw material trader Glencore closed the first half of 2019 with a considerably lower profit. Price decreases of copper and cobalt, among other things, and poor mining results in Africa are putting results under pressure.
Glencore, headquartered in Switzerland, posted operating income of $ 5.6 billion in the first six months. That meant an annual decrease of almost a third. At 200 million dollars, net profit turned out to be around 92 percent lower, partly due to depreciation of oil activities in Chad and African copper activities.
CEO Ivan Glasenberg spoke in an explanation of the figures of “challenging market conditions”, but also of higher costs and setbacks. Glencore had previously indicated that it wanted to close a mine in the Democratic Republic of Congo due to the fall in prices of cobalt and stricter tax rules.