This Morning in Metals: Glencore copper production drops 9%

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This morning in metals news, Glencore released its Q1 production results, Fortescue reported a 10% quarterly increase in iron ore shipments and Rusal’s aluminum production fell slightly in Q1 on a month-over-month basis.
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Glencore copper production falls, zinc rises 13%

Glencore recently released its quarterly production results, reporting copper production of 293.3 kt, down 9% year over year, while zinc production totaled 295.6 kt, up 13% year over year.
“The global impact of the COVID-19 pandemic is an unprecedented challenge for individuals, governments and companies alike,” CEO Ivan Glasenberg said. “Disruptions to our business have, to date, been manageable and the majority of our assets are operating relatively normally, a credit to our people that have stepped up to the challenge of a changed working environment, especially those who continue to carry out their work on site at our industrial assets – Glencore’s frontline. Some industrial assets have been temporarily suspended, generally in line with national and regional lockdowns. Our updated full year production guidance reflects these impacts.”
In addition, Glencore’s lead production fell 17%, while ferrochrome production declined 3%.

Fortescue tallies record third-quarter iron ore shipments

Miner Fortescue reported quarterly iron ore shipments of 42.3 million tons, up 10% year over year.
“Fortescue’s strong operating performance in the March quarter has delivered record shipments, increasing ten per cent compared to the prior comparable quarter, and a two per cent reduction in C1 costs maintaining our industry leading cost position,” CEO Elizabeth Gaines said. “This result underpins an upgrade to our full year guidance for shipments.
“Fortescue is a core supplier of iron ore to China and we see strong ongoing demand for our products and anticipate a steady recovery in economic activity in that market. While the global economic outlook remains uncertain, our balance sheet has never been stronger and we continue to generate sustained cashflows and jobs, invest in growth and focus on delivering returns to our shareholders.”

Rusal aluminum production totals 940K tons

Russian aluminum giant Rusal produced 940,000 tons of aluminum in the first quarter, which marked a 0.9% decline from the previous quarter.
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Rusal’s alumina production fell 1.8% from the previous quarter, while bauxite production fell 11.2%.

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