Glencore Posts Mixed 1Q Production Performance -- Commodity Comment
April 29 2021 - 4:08AM
Dow Jones News
By Jaime Llinares Taboada
Glencore on Thursday reported that its first quarter production
was in line with expectations, and reaffirmed full-year guidance.
Here's what the FTSE 100 natural resources producer and trader had
to say:
On copper:
"Own sourced copper production of 301,200 tonnes was 3% higher
than in Q1 2020, mainly relating to productivity improvements and
mine plan sequencing at our South American operations including
Collahuasi, Antamina and Antapaccay."
On zinc:
"Own sourced zinc production of 282,600 tonnes was 13,000 tonnes
(4%) lower than Q1 2020, mainly relating to lower grades at
Kazzinc's Maleevsky mine and mine sequencing at Kidd."
On nickel:
"Own sourced nickel production of 25,200 tonnes was 3,000 tonnes
(11%) lower than Q1 2020, primarily reflecting maintenance at
Koniambo."
On ferrochrome:
"Attributable ferrochrome production of 399,000 tonnes was 3% up
on Q1 2020, reflecting the impact of the South African national
lockdown on the base period, having commenced late March 2020."
On coal:
"Coal production of 24.5 million tonnes was 7.4 million tonnes
(23%) lower than Q1 2020, mainly reflecting cessation of mining at
Prodeco (3.8 million tonnes) and various changes in the Australian
portfolio (2.9 million tonnes)."
On oil:
"Entitlement interest oil production of 1.1 million barrels of
oil equivalent (boe) was 0.7 million boe (41%) lower than in Q1
2020, reflecting the Chad oil fields placed on care and maintenance
in April 2020. Partly offsetting, the gas phase of the Equatorial
Guinea project commenced in February 2021, resulting in an overall
83% quarterly sequential increase in entitlement interest
production."
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
April 29, 2021 03:53 ET (07:53 GMT)
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