Glencore reported own source copper production fell 116,100, or 8%, to 1,309,700 tonnes for the 12 months through 31 December 2017 compared to 2016. The fall in own source copper output reflected the Ernest Henry minority sale in Q4 2016, end of life production declines at Alumbrera and various temporary effects including lower throughput at Mutanda (due to constrained supply of sulphuric acid) and smelter maintenance at Mount Isa. Fourth quarter production of 363,200 tonnes was 59,600 tonnes, or 20% higher than in Q3, reflecting the resolution of such temporary impacts. Own sourced zinc production of 1,090,200 tonnes was in line with output a year ago, as the increased output in Antamina zinc production was offset by the disposals of the African mines to Trevali Mining, and lower production, as expected, at Mount Isa. Own sourced nickel production of 109,100 tonnes was down 5% compared to 2016, as changes in the use of third party versus own sourced feeds in the INO circuit was partly offset by strengthening operational performance at Koniambo. Attributable ferrochrome production of 1,531,000 tonnes was in line with 2016. Coal production of 121 million tonnes, was 3% lower compared to 2016, as productivity improvements and Glencore's higher equity share in certain mines were offset by the impact of reductions associated with industrial action and adverse weather events. Glencore's oil entitlement interest of 5.1 million barrels was 1.4 million barrels, or 19%, lower compared to 2016, reflecting a period of inactive field development amid a low price environment. While drilling in Chad recommenced in H2 2017 with a single-rig campaign, which is expected to offset natural field declines in Equatorial Guinea.
+0.60p (+0.16%)delayed 16:46PM