Commodities powerhouse Glencore saw its share price slump over three per cent yesterday on a mixed half-year production report.
The integrated miner trader said production of copper – the metal it makes almost half its profit from – rose 13 per cent to 741,000 tonnes.
But the FTSE 100 company, which completed a $40bn (£23.9bn) merger with miner Xstrata last year, said zinc production fell 11 per cent to 650,400 tonnes, while nickel output fell eight per cent to 49,100 tonnes.
Results were broadly in line with analysts’ expectations.
Coal output rose five per cent to 71.2m tonnes, but prices remain low due to oversupply. “Coal remains a weak spot in the portfolio,” warned Marc Elliot, analyst at Investec.
“Pricing remains challenging with operational improvements taking place, offsetting disruptions and adjustments to the tough economic environment.”
Glencore said it had received $6.5bn after tax for selling its Peruvian copper mine, Las Bambas, earlier this year.