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Glencore lowers full-year copper output guidance

Ivan Glasenberg

Ivan Glasenberg

Photo by Creamer Media

30th April 2019

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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JOHANNESBURG (miningweekly.com) – Diversified miner Glencore has lowered its full-year production guidance for copper to 1.46-million tonnes, compared with the previously guided 1.54-million tonnes.

The group, led by CEO Ivan Glasenberg, on Tuesday reported that its own sourced copper production for the first quarter of this year had been 7% lower year-on-year, at 24 700 t, as a result of lower integrated metal production in Australia owing to severe flooding in Queensland; the impact of safety-related stoppages and smelter outages at the Mopani mine, in Zambia; opencut depletion at the Alumbrera mine, in Argentina; and the sale of the Punitaqui mine, in Chile, in the second half of 2018.

The company’s own sourced cobalt production of 10 900 t was 3 900 t, or 56%, higher than in the first quarter of 2018, with this including 3 500 t from Katanga, which is managing through a period of generally excess uranium content in its cobalt material, thereby constraining exports.

Katanga Mining, a unit of Glencore, made no cobalt sales in the first quarter; however, from April, the export and sale of a limited quantity of cobalt, complying with appropriate regulations, was allowed to resume.

The resumption of cobalt exports remains subject to the relevant Democratic Republic of Congo (DRC) export procedures, which include continued monitoring by the relevant authorities.

Meanwhile, Glencore’s own sourced zinc production of 262 300 t was 19 600 t, or 8%, higher than in the first quarter of 2018, mainly reflecting the restart of the Lady Loretta mine, in Australia, but partly offset by lower own sourced production at Kazzinc, in Kazakhstan, reflecting the impact of a safety-related investigations at one mine.

Further, the company’s own sourced nickel production of 27 100 t was 3 000 t, or 10%, lower than in the first quarter of 2018, reflecting severe weather in Canada, which impacted on the timing of deliveries to the Nikkelverk refinery, in Norway, and maintenance at Koniambo, in New Caledonia.

Attributable ferrochrome production of 402 000 t was in line with that produced in the first quarter 2018.

Glencore’s coal production of 33.2-million tonnes was 2.5-million tonnes, or 8%, higher than in the first quarter of 2018, reflecting the contribution of the acquisitions of the Hunter Valley Operations and Hail Creek, in Australia, as well as a recovery from Prodeco, in Colombia, following mine plan optimisation and development undertaken last year, partly offset by the sale of the Tahmoor mine, in Australia, in April 2018.

The company’s entitlement interest oil production of 1.1-million barrels was in line with that of the first quarter of 2018, reflecting the offsetting effects of natural field decline in Equatorial Guinea and the drilling campaign in Chad.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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