Third Quarter 2017 Production Report
- Own sourced copper production of 946,500 tonnes was 11% lower than the comparable 2016 period, reflecting the Ernest Henry minority sale in Q4 2016, combined with smelter maintenance at Mount Isa in Q3 2017, reduced throughput at Mutanda (due to power interruption at Mopani, which impacted the supply of sulphuric acid), end of mine-life production declines at Alumbrera and the timing of lower copper grades at Antapaccay.
- Own sourced zinc production of 827,400 tonnes was 5% up on the comparable period, mainly reflecting the transition to higher zinc grade (versus copper) areas at Antamina.
- Own sourced nickel production of 80,700 tonnes was down 2% on the comparable period, reflecting maintenance at INO and Murrin and a higher proportion of third party feeds in INO's metallurgical mix.
- Attributable ferrochrome production of 1,107,000 tonnes was in line with the comparable period.
- Coal production of 91 million tonnes was in line with the comparable period as expected increases from productivity improvements and Glencore’s higher equity share in certain mines were offset by the impacts of industrial action in New South Wales and unusually heavy rainfall in Colombia.
- Glencore's oil entitlement production interest of 3.9 million barrels was 36% below the comparable 2016 period, reflecting natural field declines, having only recommenced drilling in Chad in H2 2017. The trend in Chad is expected to improve as the results from the single-rig drilling campaign start to be realised.
- Full year 2017 Marketing EBIT guidance increased to $2.6 to $2.8 billion, reflecting a strong Q3 performance (previously $2.4 to $2.7 billion).
- 2017 investor update call scheduled for 12 December. Dial-in details will be provided on Glencore's website nearer the time.
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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 155,000 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.