Glencore PLC (LON:GLEN) today announced first quarter 2019 production report
Highlights
• Own sourced copper production of 320,700 tonnes was 24,700 tonnes (7%) lower than Q1 2018, mainly reflecting: (i) reduced integrated metal production in Australia due to severe flooding in Queensland; (ii) impact of safety-related stoppages and smelter outages at Mopani; and (iii) Alumbrera open-cut depletion and sale of Punitaqui in H2 2018.
• Own sourced cobalt production of 10,900 tonnes was 3,900 tonnes (56%) higher than Q1 2018, noting that this includes 3,500 tonnes from Katanga, which is managing through a period of generally excess uranium content in its cobalt material, thereby constraining exports. Katanga made no cobalt sales in Q1 2019. From April 2019, the export and sale of a limited quantity of cobalt, complying with appropriate regulations, was allowed to resume. Such resumption of exports remains subject to the relevant DRC export procedures, which include continued monitoring by the relevant authorities.
• Own sourced zinc production of 262,300 tonnes was 19,600 tonnes (8%) higher than Q1 2018, mainly reflecting the restart of the Lady Loretta mine in Australia, partly offset by lower own sourced production at Kazzinc, reflecting the impact of a safety-related investigation at one mine.
• Own sourced nickel production of 27,100 tonnes was 3,000 tonnes (10%) lower than Q1 2018, reflecting severe weather in Canada, which impacted the timing of deliveries to the Nikkelverk refinery, and maintenance at Koniambo.
• Attributable ferrochrome production of 402,000 tonnes was in line with Q1 2018.
• Coal production of 33.2 million tonnes was 2.5 million tonnes (8%) higher than Q1 2018, reflecting the contribution of the HVO and Hail Creek acquisitions and a recovery from Prodeco, following mine plan optimisation and development undertaken last year, partly offset by the sale of Tahmoor in April 2018.
• Entitlement interest oil production of 1.1 million barrels was in line with Q1 2018, reflecting the offsetting effects of natural field decline in Equatorial Guinea and the drilling campaign in Chad.
To view the full report please click
