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Glencore posts drop in full-year copper, coal and nickel output
Glencore reported a drop in full-year copper, coal and nickel production on Thursday.
In the 12 months to 31 December 2017, copper production declined 8% from the previous year to 1.3m tonnes, reflecting the Ernest Henry minority sale in the fourth quarter of 2016, end of life production declines at Alumbrera and various temporary effects including lower throughput at Mutanda and smelter maintenance at Mount Isa.
Still, copper production in the fourth quarter was up 20% compared to the third, which the company said reflected the resolution of those temporary impacts.
Meanwhile, coal output fell 3% on 2016 to 121m tonnes as reductions associated with industrial action and adverse weather events were mostly offset by productivity improvements and the company's higher equity share in certain mines.
Nickel production was 5% lower than the previous year at 109,100 tonnes due to changes in the use of third party versus own sourced feeds in the integrated nickel operations circuit, partly offset by a strengthening operational performance at Koniambo.
Glencore said zinc production was in line with 2016 at 1.09m tonnes as the step-up in Antamina zinc production was offset by the disposals of the African mines to Trevali Mining, and lower production at Mount Isa.