For more than a decade, copper mines in Africa proved a lucrative bet for Glencore Plc, accounting for almost a third of its production of the metal in the first half of the year. Executives including the company’s billionaire chief, Ivan Glasenberg, were happy to highlight the economic benefits they brought to places like Kitwe, Zambia, where most of the local economy is dependent on the company’s Mopani mining complex. Now, with $30 billion in debt, an 18 percent drop in copper prices and plunging shares, Glencore is targeting Kitwe and other Africa mining operations to help save itself. All of Glencore’s copper production in Zambia, and most...
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