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(Adds detail, trim to guidance, analyst comment, share price)
* Analysts say jury out on Glencore's African woes
* Share price eases 0.8%
By Yadarisa Shabong and Barbara Lewis
Oct 25 (Reuters) - Glencore on Friday reported a 4%
drop in copper output so far this year and trimmed full-year
guidance as it prepared to suspend some operations in the
Democratic Republic of Congo.
Production of battery mineral cobalt rose 21%, a
third-quarter production report said, as the company increased
output at its Katanga copper and cobalt mine, also in Congo.
As part of the company's efforts to overcome problems in the
politically volatile African state, Glencore in August laid out
plans to separate its African copper business from its wider
copper operations and halt production at its Mutanda copper and
cobalt mine at the end of this year.
Full-year 2019 copper output, excluding African copper, is
expected to be around 1.010 million tonnes, while guidance for
African copper was around 375,000 tonnes, making a total of just
under 1.4 million tonnes versus previous guidance of around 1.45
million.
The mining sector overall is under pressure from investors
demanding action to prevent the most severe climate change and
seeking assurances that production is ethical.
Glencore's share price has been hard-hit with investors wary
of its exposure to difficult regimes, while the price of the
battery minerals found in them has been volatile.
Its shares were trading 0.86% lower by 1005 GMT on Friday.
"We expect that the jury will still be out for many
investors as to whether Glencore have indeed begun to 'turn the
corner' operationally," analysts at Credit Suisse, which rates
Glencore "outperform" said in a note.
Copper, one of the best conductors, is relevant in any kind
of economy, including those shifting to greener energy, but
miners have struggled to bring on new supplies and face
difficulties in extracting from old ore bodies.
Popular protests and drought have raised concerns about
output from Antofagasta and Anglo American in
Chile, the world's biggest copper producer.
While there are ample cobalt supplies for the near term,
analysts predict a future surge in electrical vehicle use will
spur demand. Prices rose in August after Glencore said it would
mothball Mutanda.
On Friday, Glencore also said Katanga's two cobalt driers
are undergoing repairs and an upgrade, with a ramp up to full
drying capacity targeted for the middle of 2020.
Glencore's coal production rose 8% year-to-date compared
with the same period a year ago.
The world's biggest shipper of seaborne coal has said it can
continue to generate strong margins from high quality coal
assets as demand will continue, especially in Asia, despite a
clamour in developed countries for minerals associated with the
transition to a greener economy.
(Reporting by Yadarisa Shabong in Bengaluru and Barbara Lewis
in London; Editing by Kirsten Donovan)
