Glencore Reports Mixed 1st Half Production, Cuts 2022 Copper Guidance -- Commodity Comment
July 29 2022 - 4:58AM
Dow Jones News
Glencore PLC on Friday reported mixed production for the first
half of the year and cut its copper output guidance while keeping
other forecasts unchanged. Here's what the commodity mining and
trading company had to say:
On copper production:
"Own sourced copper production of 510,200 tons was 87,700 tons
(15%) lower than 1H 2021 due to ongoing geotechnical constraints at
Katanga (35,500 tons), the basis change arising from the sale of
Ernest Henry in January 2022 (21,900 tons), Collahuasi mine
sequencing (18,100 tons) and lower copper units produced within
Glencore's zinc business."
On zinc production:
"Own sourced zinc production of 480,700 tons was 101,000 tons
(17%) lower than 1H 2021 reflecting progressive reduction in the
South American portfolio through disposals and closures (49,600
tons), Covid-19 related absenteeism leading to lower development
rates and sequence changes at Mount Isa (34,800 tons) and somewhat
lower Antamina production."
On nickel Production:
"Own sourced nickel production of 57,800 tons was 10,100 tons
(21%) higher than 1H 2021 reflecting Koniambo operating both
production lines in 2022 and Murrin stable operations compared to
maintenance in base period."
On coal production:
"Coal production of 55.4 million tons was 6.7 million tons (14%)
higher than 1H 2021, mainly reflecting higher attributable
production from Cerrejon, following the acquisition in January 2022
of the remaining two-thirds interest that Glencore did not already
own."
On ferrochrome production:
"Attributable ferrochrome production of 786,000 tons was 13,000
tons (2%) higher than 1H 2021, reflecting consistent smelter
performance."
On oil production:
"Entitlement interest oil production of 3.1 million barrels of
oil equivalent was 0.6 million barrels (22%) higher than 1H 2021,
due to commencement of the gas phase of the Alen project in
Equatorial Guinea from March 2021."
On guidance:
"Our full year production guidance remains unchanged with the
exception of copper, where the ongoing geotechnical constraints
relating to Katanga's open pit and continued management of higher
levels of acid-consuming ore, largely account for the reduced
guidance of 1,060kt (previously 1,110kt)."
Shares at 0812 GMT were up 10.30 pence, or 2.3%, at 459.65
pence.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
July 29, 2022 04:43 ET (08:43 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Glencore (PK) (USOTC:GLNCY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Glencore (PK) (USOTC:GLNCY)
Historical Stock Chart
From Sep 2023 to Sep 2024