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Glencore announces 2018 Half-Year Production Report Featured

Highlights

  • Own sourced copper production of 696,200 tonnes was 53,300 tonnes (8%) higher than H1 2017 and cobalt production of 16,700 tonnes was 4,000 tonnes (31%) higher, in each case reflecting the restart/ramp-up of Katanga. Own source copper sales during the period were some 32,000 tonnes lower due to timing of shipments.
  • Adjusting for the African zinc assets sold to Trevali Mining in August 2017, own sourced zinc production of 498,200 tonnes was in line with H1 2017. Mining operations have restarted at Lady Loretta (Mount Isa), supporting an increased full year production run-rate.
  • Own sourced nickel production of 62,200 tonnes was 11,000 tonnes (21%) higher than H1 2017, reflecting Koniambo's second processing line entering production and the scheduled statutory shutdown at Murrin in the base period.
  • Attributable ferrochrome production of 818,000 tonnes was in line with H1 2017.
  • Coal production of 62.0 million tonnes was in line with H1 2017, reflecting certain offsetting factors. Cyclone Debbie in Australia disrupted the base period, the current period includes production from the recently acquired Hunter Valley Operations JV (from May 2018). As previously indicated, Prodeco is undertaking significant additional overburden removal, affecting nearby production volumes.
  • Entitlement interest oil production of 2.3 million barrels was 13% below H1 2017, mainly reflecting expected declines in the liquids phase of the Equatorial Guinea offshore fields. The Chad drilling campaign that started mid-2017 delivered increased production of 9% over H2 2017 (stable over H1 2017).

  • Source: Glencore

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