- Own sourced copper production of 1,309,700 tonnes was 116,100 tonnes (8%) lower than in 2016, reflecting 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. Q4 production of 363,200 tonnes was 59,600 tonnes (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 2016, as the step-up in Antamina zinc production was offset by the disposals of the African mines to Trevali Mining, and lower production, as expected, at Mount Isa. The above excludes Volcan (voting share majority position acquired in Q4 2017), which currently provides a more consistent comparative analysis.
- Own sourced nickel production of 109,100 tonnes was 6,000 tonnes (5%) down on 2016, owing to changes in the use of third party versus own sourced feeds in the INO circuit, partly offset by a 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% down on 2016, as reductions associated with industrial action and adverse weather events, were mostly offset by productivity improvements and Glencore’s higher equity share in certain mines.
- Glencore’s oil entitlement interest of 5.1 million barrels was 1.4 million barrels (19%) lower than in 2016, reflecting expected reductions in a period of inactive field development in a low price environment. Drilling in Chad recommenced in H2 2017 with a single-rig campaign, which is expected to offset natural field declines in Equatorial Guinea.
- Glencore’s resources and reserves report, published today, discloses meaningful proved and probable reserves increases including:
- Sudbury mines (INO) increased nickel reserves by 14 million tonnes of ore (48%), mainly reflecting the addition of the Onaping Depth deposit;
- Kazzinc added 8 million tonnes (9%) zinc ore, including conversion of the Dolinnoe mine from resource;
- Katanga added 13 million tonnes (10%) of copper ore, mainly reflecting the KITD project, currently reclaiming metal previously discharged to tailings.