Glencore Reports Mixed 2020 Production Results -- Commodity Comment
By Ian Walker
FTSE 100 Anglo-Swiss mining company Glencore PLC on Wednesday
reported mixed production results for 2020, and backed its 2021
On copper, cobalt production:
"Excluding Mutanda (currently on care and maintenance), 2020
copper production was in line with 2019, while cobalt production
was 6,200 tons higher, reflecting Katanga's continued successful
ramp-up to design capacity levels."
"Own sourced cobalt production of 27,400 tons was 18,900 tons
(41%) lower than 2019, mainly reflecting Mutanda on care and
On zinc production:
"Own sourced zinc production of 1.2 million tons was 92,900 tons
(9%) higher than 2019, mainly reflecting: (i) higher zinc content
from Antamina (40,000 tons); (ii) improved output from the Mount
Isa operations (27,800 tons); and (iii) the net positive effect of
18,700 tons from Other South America, owing to restarting the
short-life Iscaycruz mine in Peru, offset by Covid-related
suspensions and shutdowns."
On nickel production:
"Own sourced nickel production of 110,200 tons was 10,400 tons
(9%) lower than 2019, reflecting Koniambo operating as a
single-line operation for the majority of 2020, with Covid-related
mobility restrictions affecting its maintenance schedule."
On coal production:
"Coal production of 106.2 million tons was 33.3 million tons
(24%) lower than in 2019, reflecting the impacts of the pandemic
via stopped or reduced work in Colombia and South Africa, extended
care and maintenance at Prodeco, plus market-related supply
reductions in Australia in H2 2020."
On 2021 guidance:
"FY 2021 guidance as per our investor presentation in December
2020 is still current."
Shares at 0855 GMT were down 2.3 pence, or 0.9%, at 244.55
Write to Ian Walker at firstname.lastname@example.org
(END) Dow Jones Newswires
February 03, 2021 04:17 ET (09:17 GMT)
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