Production Report for the 12 months ended 31 December 2016
- Full year production was in line with guidance, reflecting production suspensions in copper, zinc, coal and oil.
- Solid Q4 2016 production across the board.
- Own-sourced copper production of 1,425,800 tonnes was 5% lower than 2015, reflecting the suspended production at our African Copper assets, partly offset by higher grades and throughput within the South American portfolio.
- Own-sourced zinc production of 1,094,100 tonnes was 24% down on 2015, due to the October 2015 announced production curtailments, mainly in Australia and Peru.
- Own-sourced nickel production of 115,100 tonnes was 20% higher than 2015, when major prior year scheduled maintenance impacted throughput at the Sudbury smelter.
- Coal production of 124.9 million tonnes was 5% down on 2015, mainly reflecting the divestment of Optimum Coal.
- Glencore’s entitlement oil interest of 7.5 million barrels was 29% lower than 2015, due to depletion of existing fields.
- 2017 production guidance, unchanged from the Investor Update on 1 December 2016, is detailed on page 19 of the full report.
- Our Resources & Reserves report for 2016, also published today, highlights good progress being made on our various potential extension projects and some exploration successes, including:
- Coroccohuayco (Antapaccay) upgraded 184 million tonnes to ore reserves at ~1% copper;
- Zhairem (Kazzinc) upgraded over 60 million tonnes to ore reserves with >4% zinc;
- Vasilkovskoye’s gold ore reserve base (Kazzinc) increased by 14 million tonnes (16%), with resources up by 44 million tonnes.
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Carlos Francisco Fernandez
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Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.
With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 160,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.