30th Oct 2020 09:12
(Alliance News) - Swiss-based miner Glencore PLC on Friday said it delivered a "solid" third-quarter operating performance, following short-term Covid-19 related shutdowns in the second quarter, and it maintained most of its guidance for the full year.
The FTSE 100-listed company said year-to-date copper production was down 8% to 934,700 tonnes from 1.0 million tonnes a year prior.
Cobalt production was down 37% to 21,600 tonnes in the year to September 30 from 34,400 tonnes a year before.
Zinc production was up 6% year-on-year to 860,100 tonnes in the year to date from 809,200 tonnes. Lead production was down 12% to 194,300 tonnes from 219,800 tonnes a year prior. Nickel production was down 9% to 81,800 tonnes from 89,400 tonnes a year before.
Coal production was fell 20% to 83.5 million tonnes from 104.0 million tonnes a year prior.
Oil production was down 8% year-on-year to 3.4 million barrels in the year to date from 3.6 million barrels.
Glencore said that the generally strong quarterly production performance largely reflects the reversal of the various short-term Covid-19 related shutdowns in the second quarter.
Full-year production guidance was maintained for all resources except for coal, which was decreased to approximately 109 million tonnes from previously forecast 114 million tonnes.
Chief Executive Ivan Glasenberg: "Glencore has delivered a solid third quarter operating performance, including the continued successful ramp-up of Katanga, which remains on track to achieve design capacity by year end. Our teams have adapted well to the numerous challenges presented by Covid-19.
"We maintain our 2020 full year production guidance, except coal, which was adjusted for the extended strike at Cerrejon."
Glencore's Katanga operations are in Democratic Republic of Congo and Cerrojon operations are in Colombia.
Glencore shares were down 1.4% at 153.36 pence each in London on Friday morning.
By Greg Roxburgh; [email protected]
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