TIDMGLEN
RNS Number : 5325D
Glencore PLC
01 February 2018
Glencore plc
Baar, Switzerland
1 February 2018
Production Report for the 12 months ended
31 December 2017
Production highlights
- Own sourced copper production of 1,309,700 tonnes was 116,100
tonnes (8%) lower than in 2016, reflecting the Ernest Henry
minority sale in Q4 2016, end of life production declines at
Alumbrera and various temporary effects including lower throughput
at Mutanda (due to constrained supply of sulphuric acid) and
smelter maintenance at Mount Isa. Q4 production of 363,200 tonnes
was 59,600 tonnes (20%) higher than in Q3, reflecting the
resolution of such temporary impacts.
- Own sourced zinc production of 1,090,200 tonnes was in line
with 2016, as the step-up in Antamina zinc production was offset by
the disposals of the African mines to Trevali Mining, and lower
production, as expected, at Mount Isa. The above excludes Volcan
(voting share majority position acquired in Q4 2017), which
currently provides a more consistent comparative analysis.
- Own sourced nickel production of 109,100 tonnes was 6,000
tonnes (5%) down on 2016, owing to changes in the use of third
party versus own sourced feeds in the INO circuit, partly offset by
a strengthening operational performance at Koniambo.
- Attributable ferrochrome production of 1,531,000 tonnes was in line with 2016.
- Coal production of 121 million tonnes was 3% down on 2016, as
reductions associated with industrial action and adverse weather
events, were mostly offset by productivity improvements and
Glencore's higher equity share in certain mines.
- Glencore's oil entitlement interest of 5.1 million barrels was
1.4 million barrels (19%) lower than in 2016, reflecting expected
reductions in a period of inactive field development in a low price
environment. Drilling in Chad recommenced in H2 2017 with a
single-rig campaign, which is expected to offset natural field
declines in Equatorial Guinea.
- Glencore's resources and reserves report, published today,
discloses meaningful proved and probable reserves increases
including:
- Sudbury mines (INO) increased nickel reserves by 14 million
tonnes of ore (48%), mainly reflecting the addition of the Onaping
Depth deposit;
- Kazzinc added 8 million tonnes (9%) zinc ore, including
conversion of the Dolinnoe mine from resource;
- Katanga added 13 million tonnes (10%) of copper ore, mainly
reflecting the KITD project, currently reclaiming metal previously
discharged to tailings.
To view the full report please click here:
http://www.glencore.com/assets/investors/doc/reports_and_results/2017/GLEN-2017-Q4-Production-Report-.pdf
For further information please contact:
Investors
t: +41 41
Martin Fewings 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com
t: +41 41
Ash Lazenby 709 2714 m: +41 79 543 3804 ash.lazenby@glencore.com
Media
t: +41 41
Charles Watenphul 709 2462 m: +41 79 904 3320 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 90 commodities. The Group's operations comprise around
150 mining and metallurgical sites, oil production assets and
agricultural facilities.
With a strong footprint in both established and emerging regions
for natural resources, Glencore's industrial and marketing
activities are supported by a global network of more than 90
offices located in over 50 countries.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, oil and food processing
sectors. We also provide financing, logistics and other services to
producers and consumers of commodities. Glencore's companies employ
around 143,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
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Disclaimer
The companies in which Glencore plc directly and indirectly has
an interest are separate and distinct legal entities. In this
document, "Glencore", "Glencore group" and "Group" are used for
convenience only where references are made to Glencore plc and its
subsidiaries in general. These collective expressions are used for
ease of reference only and do not imply any other relationship
between the companies. Likewise, the words "we", "us" and "our" are
also used to refer collectively to members of the Group or to those
who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or
companies.
This information is provided by RNS
The company news service from the London Stock Exchange
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