Glencore releases third quarter 2019 production report

SMM news: recently, Glencore Group released a production report. Copper production from its own sources was 1015800 tons, a decrease of 47300 tons (4 per cent) over the same period last year, mainly reflecting that: (i) Mutanda had reoptimized its 100000 tons / year plan (from 200000 tons), which had an impact on the current period of 67000 tons. Ii closed the Mopani smelter for large-scale renovation (21,600 tons of metal); (iii) sold / consumed two South American assets (20200 tonnes) during the benchmark period, partially offset by an increase in Katanga (66500 tonnes).

The production of self-produced cobalt was 34400 tons, an increase of 5900 tons (21 per cent) over the same period last year, mainly reflecting the increase in Katanga province.

Zinc production from its own sources was 809200 tons, an increase of 23100 tons (3 per cent) over the same period last year, mainly reflecting the contribution of the Lady Loretta mine (Mount Issa) and the increase in production on the MacArthur River, which was partly offset by the decline in Antamina production. It is expected that there will be a temporary transition to the lower zinc-bearing area of the mine, while the output of the Kazzinc mine will be reduced, mainly related to the surface stability of the Tishinsky mine.

Production of own nickel was 89400 tons, slightly lower than the same period last year (2 per cent), mainly due to the challenging first half of 2019 production period for Konibo (Koniambo).

Attributable production of ferrochromium was 1030000 tons, a decrease of 115000 tons (10 per cent) from the same period last year, mainly related to the additional maintenance days carried out in the third quarter of 2019.

Coal production was 104 million tons, an increase of 7.3 million tons (8 per cent) over the same period last year, mainly reflecting the full-year impact of the acquisition of HVO and Hail Creek in 2018, as well as the increase in production by Prodeco following the increase in mine development in 2018, this cost was partly offset by a decline in Cerrej ó n production due to dust constraints.

Oil production under entitlements was 3.6 million barrels, an increase of 300000 barrels (8 per cent) over the same period last year, reflecting Chad's association with ongoing drilling activities and the first increase in oil in the Bolongo bloc in Cameroon, partly offset by the natural decline in the equator.

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