Third Quarter 2016 Production Report
3 November 2016
- Year-to-date production was in line with expectations, reflecting the various operational suspensions / supply reductions announced and actioned notably in coal, oil, copper and zinc.
- Own-sourced copper production of 1,061,200 tonnes was 6% down on the comparable period, due to the curtailment of African Copper volumes, partly offset by higher grades and throughput in South America.
- Own-sourced zinc production of 789,200 tonnes was 30% down on the comparable period, reflecting the volume reductions that were implemented across our portfolio, principally in Australia and Peru.
- Own-sourced nickel production of 82,400 tonnes was 20% higher than in the comparable period, mainly as a result of major maintenance at the Sudbury smelter in 2015.
- Coal production of 91.9 million tonnes was 11% down on the comparable period, due to the divestment of Optimum Coal, scheduled closures of various depleted mines in South Africa and adverse weather conditions in Colombia.
- Glencore’s share of oil production was 6.0 million barrels, 25% down on the comparable period, reflecting natural depletion of the existing fields. Replacement volumes have yet to be drilled as the resource is being preserved for a stronger oil price environment.
- Full year 2016 Marketing EBIT guidance is $2.5 to $2.7 billion.
- Full year 2016 production guidance is detailed on page 19 of the full report.
- Glencore will host an investor update call on 1 December 2016 at 1300 (UK). Further details will be provided on our website closer to the date.