TOP NEWS: Glencore coal and oil production dips but copper output up

(Alliance News) - Glencore PLC on Thursday reported mostly lower production in the first quarter ...

Alliance News 29 April, 2021 | 9:01AM
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(Alliance News) - Glencore PLC on Thursday reported mostly lower production in the first quarter of 2021, saying this reflected Covid-safe working practices.

The Anglo-Swiss miner said coal production of 24.5 million tonnes was 23% lower than a year before, mainly reflecting the halt to mining at Prodeco, located in Colombia, and various changes in the Australian portfolio.

Entitlement interest oil production of 1.1 million barrels of oil equivalent was 41% lower than in the first quarter of 2020, reflecting the Chad oil fields being placed on care-and-maintenance in April 2020.

Zinc production of 282,600 tonnes was 4% lower in the first quarter year-on-year, mainly relating to lower grades at Maleevsky mine in Kazakhstan and mine sequencing at Kidd, located in Canada. Nickel production of 25,200 tonnes was 11% lower than the year prior, mostly due to maintenance at Koniambo in New Caledonia.

More positively, ferrochrome production of 399,000 tonnes was up 3%, reflecting the impact of the South African national lockdown on the comparison period, this having commenced in late March 2020.

Glencore reported copper production of 301,200 tonnes, 3% higher than a year ago, mainly thanks to productivity improvements and mine plan sequencing at South American operations including Collahuasi, Antamina and Antapaccay.

"The group's overall production was broadly in line with our expectations for the first quarter," said Chief Executive Ivan Glasenberg. "Full year production guidance has been maintained for our key commodities."

Glencore shares were trading 0.7% higher in London on Thursday at 304.91 pence each, while in Johannesburg, the stock was down 1.1% at ZAR60.18.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Glencore PLC 317.05 GBX -1.23

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