TIDMGLEN
RNS Number : 6676D
Glencore PLC
30 October 2020
NEWS RELEASE
Baar, 30 October 2020
Third Quarter 2020 Production Report
Glencore Chief Executive Officer, 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. We
will provide a detailed business update, including progress on
climate change initiatives at our Investor Update on 4
December."
Production from own sources - Total(1)
Change
YTD 2020 YTD 2019 %
--------------------------------- ------------ ----------- ----------- ----------------
Copper kt 934.7 1,015.8 (8)
Cobalt kt 21.6 34.4 (37)
Zinc kt 860.1 809.2 6
Lead kt 194.3 219.8 (12)
Nickel kt 81.8 89.4 (9)
Gold koz 611 622 (2)
Silver koz 23,220 23,733 (2)
Ferrochrome kt 651 1,030 (37)
Coal - coking mt 5.6 6.1 (8)
Coal - semi-soft mt 3.6 5.1 (29)
Coal - thermal mt 74.3 92.8 (20)
--------------------------------- ------------ ----------- ----------- ----------------
Coal mt 83.5 104.0 (20)
Oil (entitlement interest basis) kbbl 3,360 3,638 (8)
1 Controlled industrial assets and joint ventures only.
Production is on a 100% basis, except as stated.
Production guidance
-- Changes in guidance reflect the tightening of most ranges and
coal down 5mt (4%), accounting for the current extended industrial
strike at Cerrejón JV (Colombia).
Actual Current Previous
Q1 Q2 Q3 YTD ROY guidance guidance
2020 2020 2020 2020 2020 2020 2020
------------ ------- ----- -------- -------- -------- -------- --------- --- ---------
1,255 1,255
Copper kt 293 295 347 935 320 +/- 25 +/- 35
------------ -------- ----- -------- -------- -------- -------- --------- --- ---------
28 +/- 28 +/-
Cobalt kt 6 8 8 22 6 1 2
------------ -------- ----- -------- -------- -------- -------- --------- --- ---------
1,160 1,160
Zinc kt 296 255 310 860 300 +/- 25 (1) +/- 30
------------ -------- ----- -------- -------- -------- -------- --------- --- ---------
114 +/- 114 +/-
Nickel kt 28 27 27 82 32 3 4
------------ -------- ----- -------- -------- -------- -------- --------- --- ---------
1,000 1,000
Ferrochrome kt 388 78 185 651 349 +/- 25 +/- 25
------------ -------- ----- -------- -------- -------- -------- --------- --- ---------
109 +/- 114 +/-
Coal mt 32 26 26 84 25 3 3
1 Excludes Volcan
Highlights
-- The generally strong sequential quarterly production
performance noted in the table above, in large part, reflects
reversal of the various short-term Covid-19 related shutdowns in
Q2, as mandated by several national/local governments.
-- Own sourced copper production of 934,700 tonnes was 81,100
tonnes (8%) lower than the comparable prior period, reflecting
Mutanda being on care and maintenance in the current period and the
temporary suspension of operations at Antamina in Q2, partly offset
by a continued strong milling performance at Collahuasi and
Katanga's ramp-up.
-- Own sourced cobalt production of 21,600 tonnes was 12,800
tonnes (37%) lower than the comparable prior period, mainly
reflecting Mutanda on care and maintenance, partly offset by
Katanga's ramp-up.
-- Own source zinc production of 860,100 tonnes was 50,900
tonnes (6%) higher than the comparable prior period, mainly
reflecting: (i) higher zinc grades from Antamina notwithstanding
the temporary Covid-related suspension (21,800 tonnes); (ii)
improved throughput at Mount Isa (14,900 tonnes); and (iii) the net
positive effect of 13,800 tonnes from Other South America owing to
re-opening the short-life Iscaycruz mine in Peru, offset by
Covid-related slowdowns and suspensions.
-- Own sourced nickel production of 81,800 tonnes was 7,600
tonnes (9%) lower than the comparable prior period, mainly
reflecting Koniambo running as a single-line operation for most of
Q2/Q3, with Covid-related restrictions on mobility affecting timing
of maintenance.
-- Attributable ferrochrome production of 651,000 tonnes was
379,000 tonnes (37%) lower than the comparable prior period,
primarily reflecting the Q2 South African lockdown measures. As of
1 September, four of the five smelters were running. The
competitive environment across the South African ferrochrome
industry continues to be challenging, in particular due to high
input costs including electricity.
-- Coal production of 83.5 million tonnes was 20.5 million
tonnes (20%) lower than the comparable prior period, reflecting
Prodeco being on care and maintenance for most of 2020, disruptions
at Cerrejón (initially Covid-related, and lately due to industrial
action), and targeted H2 volume reductions across the Australian
portfolio, during a time of weak market conditions.
-- Entitlement interest oil production of 3.4 million barrels
was 0.3 million barrels (8%) lower than the comparable prior
period, reflecting the temporary suspension of Chad operations
since April 2020, partly offset by new wells drilled in Equatorial
Guinea and Cameroon.
To view the full report please click:
https://www.glencore.com/dam/jcr:3b5ec265-1700-4269-8f66-1a1fded7bc87/GLEN_2020-Q3_ProductionReport.pdf
For further information please contact:
Investors
Martin Fewings t: +41 41 709 m: +41 79 737 martin.fewings@glencore.com
2880 5642
Maartje Collignon t: +41 41 709 m: +41 79 197 maartje.collignon@glencore.com
32 69 42 02
Media
Charles Watenphul t: +41 41 709 m: +41 79 904 charles.watenphul@glencore.com
2462 3320
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 60 commodities. The Group's operations comprise around
150 mining and metallurgical sites and oil production assets.
With a strong footprint in both established and emerging regions
for natural resources, Glencore's industrial and marketing
activities are supported by a global network of offices located in
over 35 countries.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, battery manufacturing and
oil sectors. We also provide financing, logistics and other
services to producers and consumers of commodities. Glencore's
companies employ around 158,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
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