Glencore CEO Ivan Glasenberg
Photo by: Creamer Media
Global diversified miner Glencore, which is led by CEO Ivan Glasenberg, produced 1.06-million tonnes of copper in the third quarter ended September 30 – a 12% year-on-year improvement.
Additionally, the company produced 28 500 t of cobalt, which is 44% higher than that produced in the third quarter of 2017.
The higher copper and cobalt production was supported by the restart of processing operations at Katanga, in the Democratic Republic of Congo.
Meanwhile, Glencore produced 786 000 t of zinc – a 5% year-on-year decrease as a result of the sale of certain African assets to Trevali Mining in the period. This was, however, partially offset by a strong mining performance at McArthur River and the restart of mining at Lady Loretta, both in Australia.
Adjusting for the disposal of assets to Trevali, zinc production was up 7% year-on-year.
Nickel production increased by 13% year-on-year to 90 900 t, mainly as a result of the progressive ramp-up of Koniambo, in New Caledonia, with its second production line now operational.
Glencore further reported attributable ferrochrome production of 1.1-million tonnes, which is in line with that produced in the third quarter of 2017.
Coal production of 96.7-million tonnes was 6% higher year-on-year, reflecting the acquisition of interests in the HVO and Hail Creek mines, in Australia, in May and August respectively.
Coal production was slightly offset by reduced output at Prodeco, in Colombia, as additional overburden removal was carried out to optimise production and costs going forward.
The company’s entitlement interest oil production of 3.4-million barrels was 14% lower year-on-year, reflecting the natural field decline rate in the liquids phase at the offshore fields in Equatorial Guinea. This was, however, partially offset by increased production in Chad.