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Glencore Q1 copper, zinc, coal output falls on planned cutbacks

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Glencore Q1 copper, zinc, coal output falls on planned cutbacks

GlencorePlc reported lower year-over-year production for copper, zinc,lead, coal as well as platinum, palladium and rhodium in the first quarter, inline with the production cuts announced in 2015.

The three-month production of nickel, gold, silver, cobalt,ferrochrome and vanadium pentoxide, however, improved on a yearly basis.

Copper production from own sources decreased 4% year overyear to 335,000 tonnes due to the suspensions and reductions in Africa, partly offset byincreased production from South America.

Cobalt output from own sources increased to 5,800 tonnes, a32% jump over the year-ago output.

Own-sourced zinc production dropped 28% to 257,100 tonnesdue to the reductionsin Australia, Peru and Kazakhstan, and lead output was down 6% to 71,000 tonnes.

Production of nickel from own sources increased 16% over theprior-year quarter to 27,600 tonnes, on the back of a higher mix of own feedtreated at Nikkelverk refinery in Norway and a strong performanceat MurrinMurrin mine in Western Australia.

Total coal production was down 17% to 29.7 million tonnes,mainly due to the initial part-closure and subsequent placement of coal mine intobusiness rescue inthe third quarter of 2015, leading to its ultimate sale.

The platinum group metals segment recorded a 23% drop inproduction compared to the year-ago period to 27,000 ounces, as the mine in South Africawas placed on care andmaintenance in October 2015.

Total year over year own-sourced gold production improved 3%to 215,000 ounces, and own-sourced silver production increased 10% to 9 millionounces.

The company's attributable share of ferrochrome productionwas up 4% year over year to 400,000 tonnes, as the Lion 2 smelter achieved fullramp up.

Vanadium pentoxide production improved 6% year over year to5.6 million pounds as a result of improved plant recoveries.

Manganese production stayed stable year over year at 64,000tonnes.

For the full year, Glencore expects to produce 1.37 milliontonnes to 1.42 million tonnes of copper, 1.07 million tonnes to 1.12 milliontonnes of zinc, 275,000 tonnes to 295,000 tonnes of lead and 112,000 tonnes to120,000 tonnes of nickel.

Ferrochrome production is expected to be 1.55 million tonnesto 1.6 million tonnes, while coal production is estimated at 127 million tonnesto 133 million tonnes.