August 7, 2019 / 6:19 AM / 3 months ago

Glencore first-half profit slumps 32%

Aug 7 (Reuters) - Glencore Plc reported a 32% drop in first-half core profit and said it was planning to put its Mutanda mine in the Democratic Republic of Congo into temporary care and maintenance by year end.

The company said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were $5.58 billion for the six months ended June 30, compared with $8.18 billion last year, hit by a fall in cobalt prices and lower copper production.

Glencore last week said it had begun the turnaround of its African operations under a plan which could take up to two years.

Reporting by Yadarisa Shabong and Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva

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