Glencore Releases Half-Year Production Report

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Multinational miner Glencore plc released its half-year production figures Wednesday, showing a ramp-up in copper and cobalt production.
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Glencore posted own source production of 696,200 tons of copper in H1, up 8% from H1 2017. Copper production from Glencore’s African operations (Katanga, Mutanda and Mopani) hit 194.6 kt in H1, up 75% from H1 2017.
Meanwhile, cobalt production hit 16,700 tons, up 31% from H1 2017. Of that total, 14.8 kt came from its African operations, marking a 32% increase from H1 2017.
Nickel production hit 62,200 tons, up 21% from the same period last year, a result of “Koniambo’s second processing line entering production and the scheduled statutory shutdown at Murrin in the base period,” according to Glencore’s production report.
In its full-year guidance, Glencore projects:

  • 1,465 kt of copper production
  • 39 kt of cobalt
  • 1,090 kt of zinc
  • 285 kt of lead
  • 132 kt of nickel
  • 1,600 kt of ferrochrome
  • 132 mt of coal

Glencore downgraded its coal and lead guidance. The lead full-year guidance of 285 kt marks a 15 kt decrease, or 5%, from previous guidance, due to “mine planning changes in South America.”
Coal, meanwhile, is down 2 mt (1%), due to “modest adjustments attributable to South Africa and Colombia.”
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Glencore is scheduled to release its half-year financial numbers (for the six-month period ending June 30) on Aug. 8.

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