Glencore Plc, the mining and commodities company led by billionaire Ivan Glasenberg, expects to impair the value of its oil business in Chad by about $790 million in its interim accounts.
“Following the sharp decline in oil prices in late 2014 and continuing into 2015, significant amendments were made to Chad’s work program,” Glencore said Thursday in a statement. “This included changes to the fields’ capex and production profiles.”
The company also reported a 2 percent increase in copper production from its mines in the second quarter. Output was 380,200 metric tons compared with 371,700 tons a year earlier, Baar, Switzerland-based Glencore said in the statement.