4th Nov 2014 07:24
LONDON (Alliance News) - Glencore PLC Monday said oil, coal and copper production increased during the third quarter as new wells came into production and output from some mines rose, although zinc and nickel production dropped.
The company's entitlement oil production rose to 5.1 million barrels during the third quarter ended October 31, a 50% increase from the same period in 2013, thanks to the start of production at two wells during 2013.
During the quarter, own sourced copper production totalled 1.1 million tonnes, up 8% from a year earlier, mainly driven by a 48% increase in production at the Mutanda mine in the Democratic Republic of Congo.
Coal production totalled 111.4 million tonnes during the third quarter, up 7% from a year earlier due to higher production from its thermal coal operations in Australia.
Own sourced zinc production totalled 998,000 tonnes during the quarter, down 6% from a year earlier due to the closure of two mines in June 2013. Glencore's production has risen quarter on quarter during 2014, it said in a statement.
Own sourced nickel production was down 1% from 2013, to 75,000 tonnes during the quarter, whilst ferrochrome production rose 5% to 939,000 tonnes, reflecting a higher capacity and a ramp up in production from the Lion 2 expansion project in South Africa.
By Joshua Warner; [email protected]; @JoshAlliance
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