Glencore Plc (LON:GLEN), today released 3Q 2018 production report.
• Own sourced copper production of 1,063,100 tonnes was 116,600 tonnes (12%) higher than the comparable 2017 period and own sourced cobalt production of 28,500 tonnes was 8,700 tonnes (44%) higher, mainly reflecting the restart of Katanga’s processing operations.
• Own source zinc production of 786,000 tonnes was 41,400 tonnes (5%) down on the comparable 2017 period, reflecting 92,100 tonnes of zinc in the base period relating to the African assets sold to Trevali Mining, partly offset by a strong mining performance at McArthur River and the restart of mining at Lady Loretta (Mount Isa). Adjusting for the disposal, zinc production was up 50,700 tonnes (7%).
• Own sourced nickel production of 90,900 tonnes was 10,200 tonnes (13%) higher than the comparable 2017 period, mainly reflecting the progressive ramp-up of Koniambo, with its second production line.
• Attributable ferrochrome production of 1,145,000 tonnes was in line with the comparable 2017 period.
• Coal production of 96.7 million tonnes was 5.7 million tonnes (6%) higher than the comparable 2017 period, reflecting the acquisition of interests in the HVO and Hail Creek mines in Australia in May and August 2018 respectively and the recovery in Australia from weather-related disruption and industrial action in 2017. These factors were partly offset by reduced production at Prodeco as additional overburden removal is carried out to optimise production and costs going forward.
• Entitlement interest oil production of 3.4 million barrels was 0.5 million barrels (14%) below the comparable 2017 period, mainly reflecting the natural field decline rate in the liquids phase at the offshore fields in Equatorial Guinea, partly offset by increased production in Chad.
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group’s operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.
With a strong footprint in both established and emerging regions for natural resources, Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore’s companies employ around 146,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.