ENERGY MINERALS

High profile visit as ramp-up puts Glencore's KCC on track

Glencore says its Kamoto Copper Company in the Democratic Republic of Congo is on track to achieve annualised nameplate production capacity after a successful ramp-up in 2020.

Staff reporter
 Glencore’s KCC operations in the DRC

Glencore’s KCC operations in the DRC

CEO Ivan Glasenberg also said the company was committed to both KCC and its currently mothballed Mutanda copper-cobalt mine in the country.

He said Glencore was honoured last week by a visit to KCC from dignitaries, including DRC president Felix Tshisekedi, in recognition of Glencore's ongoing commitment to and investment in the country.

"KCC represents a key part of Glencore's almost US$8 billion investment in the DRC," he said.

"Its state-of-the-art infrastructure alongside a world-class copper-cobalt ore body makes the operation a key part of the global energy and mobility transitions.

"Glencore remains committed to ensuring its KCC and Mutanda operations play their part through the responsible supply of copper and cobalt for use by customers around the world."

Glencore's Mutanda copper-cobalt operation in the DRC remains on care and maintenance until 2022. Its closure in November 2019 took about 20% of the world's cobalt supply offline.

KCC is a joint venture between state-owned Gecamines and Glencore, which took KCC's 75% owner, TSX-listed Katanga Mining, private last year.

Glasenberg said KCC was on track to achieve annualised nameplate capacity of 300,000tpa of copper and 30,000tpa of cobalt production.

KCC's cobalt exports had been paused in November 2018 due to unacceptable uranium levels and up to 43 miners had died at the operation in the collapse of a gallery in 2019.

Glencore has a market cap of about £43 million (US$61 million), with its shares last trading at 324.6p, near the top of a one-year range.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.