11th Nov 2013 11:57
LONDON (Alliance News) - Metals and minerals giant Glencore Xstrata PLC's PASAR copper smelter and refinery in the Philippines has sustained 'heavy structural damage' as a result of the devastating typhoon Haiyan, according to Reuters on Monday.
PASAR said in a statement that it is currently inspecting its facilities and assessing the impact, estimating a return to normal operations could take at least 4 to 6 weeks, Reuters said.
Glencore shut down the PASAR plant on Friday ahead of the typhoon which has battered the country and left an estimated 10,000 people dead.
Glencore Xstrata shares were down 0.7% to 329.91 pence, putting it in the top ten FTSE100 losers Monday.
http://uk.reuters.com/article/2013/11/11/glencorexstrata-pasar-idUKWLB005OB20131111
By Tom McIvor; [email protected]; @TomMcIvor1
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