Glencore 2017 Production Fell on Disposals, Maintenance, Weather
February 01 2018 - 3:05AM
Dow Jones News
By Carlo Martuscelli
Glencore PLC (GLEN.LN) said Thursday that production was lower
for most commodities in 2017, reflecting the impact of disposals,
maintenance work and weather.
The natural-resource company said copper production for the year
ended Dec. 31 fell 8% to 1.3 million metric tons. The decrease was
attributable to constraints on production due to smelter
maintenance, end-of-life production declines, a shortage of
sulphuric acid, and the partial sale of the Ernest Henry mine in
Australia, the company said.
However, Glencore said copper production rose 20% in the fourth
quarter from the previous quarter, reflecting the resolution of
those issues.
Nickel production decreased 5% to 109,100 tons, while zinc
production was in line with the year before at 1.1 million tons,
Glencore said.
The company said coal production fell 3% to 121 million tons,
and cited industrial action and weather conditions which were
slightly offset by improvements in productivity and Glencore
expanding its stake in certain mines.
Glencore's share of oil entitlement was 5.1 million barrels, 19%
lower than the same period last year, due to low oil prices leading
to inactive field development, it said.
The company said it had increased its meaningful proved and
probable reserves at a number of holdings. It said nickel reserves
at its Sudbury nickel mine in Canada increased by 14 million tons
of ore, or 48%, while its Kazzinc mine in Kazakhstan added 8
million tons of zinc ore, a 9% increase. Glencore said its Katanga
mine in Congo had added 13 million tons, or 10%, of copper ore.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
February 01, 2018 02:50 ET (07:50 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Glencore (LSE:GLEN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Glencore (LSE:GLEN)
Historical Stock Chart
From Apr 2023 to Apr 2024