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Coal|Copper|Gold|Maintenance|Drilling|Bearing
Coal|Copper|Gold|Maintenance|Drilling|Bearing
coal|copper|gold|maintenance|drilling|bearing

Glencore lifts year-to-date cobalt, zinc, coal and lead output

25th October 2019

By: Marleny Arnoldi

Deputy Editor Online

     

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Diversified miner Glencore achieved higher output of cobalt, zinc and coal in the nine months ended September 30, but copper, nickel and ferrochrome production decreased year-on-year.

The LSE- and JSE-listed company’s own-sourced copper production for the period under review was 47 300 t, or 4%, lower year-on-year at 1.01-million tonnes.

The lower output was attributed to a reoptimised mine plan for the Mutanda mine, in the Democratic Republic of Congo (DRC), impacting the reporting period by 67 000 t; refurbishment of the Mopani smelter, in Zambia; and the disposal by the company in the reporting period of two South American assets.

Lower copper production was offset by the DRC-based Katanga mine’s ramp-up, which contributed an extra 66 500 t of copper.

The company maintained its yearly guidance for copper of about 1.4-million tonnes.

Meanwhile, group cobalt production increased by 21% year-on-year to 34 400 t of cobalt, mainly as a result of Katanga’s ramp-up.

The company’s own-sourced zinc production of 809 200 t was 23 100 t, or 3%, higher year-on-year, which reflected the contribution of the Lady Loretta mine and stronger production from McArthur River, both based in Australia.

However, this was partially offset by lower production from the Antamina mine, in Peru, owing to a transition to lower zinc-bearing areas of the mine, and a reduction in production at Kazzinc mine, in Kazakhstan, as a result of ground stability issues.

Despite higher zinc output in the period under review, Glencore revised its full-year production guidance downwards to about 1.11-million tonnes, from the previously guided 1.19-million tonnes.

Nickel production, meanwhile, decreased by 2% year-on-year to 89 400 t, mainly owing to ramp-up challenges at the Koniambo mine, in New Caledonia, in the first half of the year.

The company’s attributable ferrochrome production of 1.03-million tonnes in the period under review was 115 000 t, or 10%, lower than the prior comparable period, owing to maintenance delays in the third quarter of the year.

Glencore also lowered its full-year production guidance for chrome to 1.45-million tonnes, compared with the 1.48-million tonnes originally guided.

Coal production of 104-million tonnes was 7.3-million tonnes, or 8%, higher than the prior comparable period, on the back of the HVO and Hail Creek acquisitions in Australia coming into full effect and higher production at the Prodeco mine, in Colombia.

However, overall coal production was slightly offset by lower production from Cerrejon, also in Colombia.

The company’s entitlement interest oil production for the nine months was 3.6-million barrels, which was 300 000 bbl, or 8%, higher than the prior comparable period, reflecting increases from ongoing drilling in Chad and first oil from the Bolongo block, in Cameroon.

Oil production was, however, slightly offset by natural declines in Equatorial Guinea.

Meanwhile, lead production in the reporting period was 219 800 t, which was 12% higher than the prior comparable period, while gold production decreased by 20% year-on-year from 774 000 oz to 622 000 oz this year.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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