5th May 2015 06:15
LONDON (Alliance News) - Glencore PLC Tuesday said production grew year-on-year across all of its commodities in the first quarter of 2015, but some segments saw production fall from the previous quarter.
The FTSE 100 natural resources company said own-sourced zinc production was up 16% year-on-year to 356,200 tonnes, driven by the expansions at Lady Loretta and McArthur River. However, some temporary downtime at McArthur River and lower grades at the Kazzinc, Matagami and Rosh Pinah mines resulted in production falling by 8% quarter-on-quarter.
Own-sourced nickel production rose 7% from a year earlier to 23,800 tonnes after production increased at the Koniambo mine, but production also suffered quarter-on-quarter due to "production issues" at Koniambo in the period, Glencore said.
Attributable ferrochrome production was up 15% to 385,000 tonnes as the expansion at the Lion 2 project takes effect, whilst coal production rose by 4% to 35.6 million tonnes due to higher production from South Africa where two new projects came into production.
Glencore's oil entitlement was up 52% from a year ago to 2.6 million barrels reflecting the ramp-up at Badila and Mangara and the impact of higher ownership of the Chad assets following the Caracal acquisition in July 2014.
Own-sourced copper production was the only segment to experience a year-on-year fall in the first quarter, dropping 9% to 350,700 tonnes. However, overall copper-equivalent production was up 7% from a year earlier and flat from the previous quarter.
By Joshua Warner; [email protected]; @JoshAlliance
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