Foreign
COPPER production has fallen at Anglo-Swiss commodity trading and mining company, Glencore Plc, in the first three quarters of 2022 compared to the same period of last year.
Glencore reported that its own sourced copper production for the first nine months of 2022 was 770,500 tons, down by 14 per cent from the prior year.
The fall was due to the previously reported land access, geotechnical and processing constraints at Katanga, the basis change arising from the sale of Ernest Henry in January.
Collahuasi lower ore mined due to mine sequencing and lower copper units produced within Glencore’s zinc business.
Own-sourced zinc production for the period was 699,600 tons, down by 18 per cent from the previous year.
It reflected a progressive reduction in the South American portfolio through disposals and closure of Matagami and COVID-19-related absenteeism leading to lower development rates and sequence changes at Mount Isa.
Own-sourced nickel production for the period was 81,600 tons, up by 15 per cent from the previous year.
Glencore’s coal production of 81.9 million tons was 5.6 million tons or seven per cent higher than the comparable 2021 period, mainly reflecting higher attributable production from Cerrejón.
The company currently expects a significantly reduced, but still, above-average second-half contribution, likely exceeding $1.6 billion.
This is the top end of the pro-rated long-term earnings before interest, taxes (EBIT) guidance range of $2.2 billion to $3.2 billion per annum. (dpa/NAN)
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Tags: Ernest Henry Glencore Plc
