Zug, Switzerland — 16 August, 2012 – Glencore International plc’s Katanga Mining Limited unit “’ a copper producer in the Democratic Republic of Congo (DRC) “’ has posted its first quarterly loss since 2009 after power cuts trimmed output.
Bloomberg News reports that Katanga Mining “’ 75% owned by the world’s biggest commodities trader “’ revealed a net loss of US$916,000 for the three months through June, according to a statement released here by the Swiss-based company. That compares with net income of US$43.7 million a year earlier, and is its first quarterly loss since the third quarter of 2009.
Power shortages in the DRC resulted in about 17 days of lost production in the quarter and 28 days in the first half, Katanga said. It expects disruptions to decrease this half. Glencore is scheduled to report first-half earnings 21 August.
Katanga said first-half net income was US$16.7 million, down from US$85.5 million a year earlier.
Source: Bloomberg News. For more information, click here.