Glencore confirms 18-month production suspension at Katanga

14th Sep 2015 10:51

(ShareCast News) - Mining giant Glencore said the company operating the Katanga mining project in the Democratic Republic of Congo will suspend production at the site for 18 months.Katanga Mining confirmed the suspension, adding it will continue to carry out the $880m investment into processing plant upgrades at the project, in which Glencore owns a 74% stake.The FTSE 100 group said Katanga will retain approximately 80% of the workforce at the mine and will ensure the impact of the suspension is minimal, adding it will invest into a skills development programme for the duration of the suspension.Last week, Glencore had indicated operations at Katanga would be halted which, along with the suspension of production at the Mopania copper mine in Zambia, will remove approximately 400,000 tonnes of copper cathode from the worldwide market.The London-listed company added the Whole Ore Leach project at the site remained on course to be completed in the first half of 2017 and is expected to improve copper recoveries.Glencore shares were down 0.25% to 133.46p at 1110 BST on Monday.