4th Feb 2020 08:09
(Alliance News) - Glencore PLC on Tuesday reported a mixed performance in production for 2019, with higher output of zinc, cobalt and coal, but lower of copper, gold, silver and nickel.
Own-sourced copper production was down 6% to 1.37 million tonnes, partially due to the scaling down and placement into temporary care and maintenance of Mutanda in the Democratic Republic of the Congo, as well as Mopani's extensive smelter refurbishment shutdown in Zambia.
Due to a ramp-up at the Katanga mine in the Congo, however, cobalt output rose by 10% to 46,300 tonnes.
Own-sourced zinc production edged up 1% to 1.08 million tonnes, as stronger output from Australia and Peru offset reductions at Kazzinc in Kazakhstan for safety reasons and at Antamina in Peru due to mine rescheduling.
Nickel production was down 3% at 120,600 tonnes, as a result of maintenance stoppages at Koniambo in New Caledonia, a French territory near Australia.
Total coal production for the year was 8% higher at 139.5 million tonnes, reflecting contributions from two mines acquired in 2018, Hunter Valley Operations and Hail Creek in Australia. Within this, thermal coal output was up 5% to 123.9 million tonnes, and coking coal up 23% to 9.2 million tonnes.
Meanwhile, Glencore's oil entitlement interest production rose by 19% to 5.5 million barrels, due to benefits from the drilling campaign in Chad and first oil from the Bolongo field in Cameroon.
Glencore said that during 2019 it realised an average copper price of USD5,666 per tonne, and an average zinc price of USD2,457 per tonne.
Shares in Glencore - which is based in Baar, Switzerland - were up 2.0% at 226.10 pence in London, while its Johannesburg shares were 1.2% higher at ZAR43.35.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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