Glencore decreased its coal, oil and zinc production

MINEX Forum | November 3, 2016 | Views: 341

Glencore today announced operating results for the third quarter and nine months ended September 30, 2016. 

Copper

Own-sourced copper production of 1,061,200 tonnes was 6% down on the comparable period, due to the curtailment of African Copper volumes, partly offset by higher grades and throughput in South America. Mopani’s own-sourced copper production of 30,600 tonnes was 48,700 tonnes (61%) lower than the comparable period, reflecting the partial suspension of operations, while key upgrade projects are being undertaken.

 

Zinc

Own-sourced zinc production of 789,200 tonnes was 30% down on the comparable period, reflecting the volume reductions that were implemented across our portfolio, principally in Australia and Peru.

Kazzinc’s  own-sourced zinc production of 136,600 tonnes was 5,400 tonnes (4%) lower than the comparable period, mainly reflecting the short-term prioritisation of third-party feed. Total zinc production, including third party material, was 228,100 tonnes, in line with the comparable period, reflecting consistent plant operations.

Own-sourced zinc production of 350,200 tonnes in Australia was 250,400 tonnes (42%) lower than the comparable period and lead production at 135,100 tonnes, was a reduction of 34,000 tonnes or 20% on the comparable period. These lower volumes reflect our proactive approach towards supply discipline.

Nickel

Own-sourced nickel production of 82,400 tonnes was 20% higher than in the comparable period, mainly as a result of major maintenance at the Sudbury smelter in 2015.

Attributable ferrochrome production of 1,106,000 tonnes was an increase of 3% on the comparable period, reflecting the ramping up of the Lion 2 smelter during the first half of 2015.

Platinum Group Metals (“PGM”)

Adjusting for the placing into care and maintenance of the Eland mine in October 2015, Mototolo’s 4E production of 81,000 ounces was 4,000 ounces (5%) higher than the comparable period due to improved grades and recovery.

Vanadium

Vanadium pentoxide production of 15.6 million pounds was in line with the comparable period.

Manganese

Manganese production of 170,000 tonnes was 12,000 tonnes (7%) lower than the comparable period, mainly due to maintenance at the plant in Norway.

Coal

Coal production of 91.9 million tonnes was 11% down on the comparable period, due to the divestment of Optimum Coal, scheduled closures of various depleted mines in South Africa and adverse weather conditions in Colombia.

Oil

Glencore’s share of oil production was 6.0 million barrels, 25% down on the comparable period, reflecting natural depletion of the existing fields. Replacement volumes have yet to be drilled as the resource is being preserved for a stronger oil price environment.

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather
Rating: 0