Diversified miner Glencore has released first quarter results announcing that copper production was down 9% to 350,700 tonnes, reflecting grade reductions at Alumbrera and Antamina due to mine sequencing and a planned maintenance shutdown at Collahuasi.
In addition own sourced zinc production was up 16% to 356,200 tonnes, driven by the expansions at Lady Loretta (Mount Isa) and McArthur River. Some temporary plant downtime at McArthur River and lower grades at Kazzinc, Matagami and Rosh Pinah resulted, however, in an 8% decline on a quarterly sequential basis..
Glencore’s sourced nickel production was 23,800 tonnes, up 7% relating to the higher contribution from Koniambo. Production issues at Koniambo, however, this resulted in sequential quarterly production being down 8%.
Attributable ferrochrome production was up 15% to 385,000 tonnes, driven by the Lion 2 expansion project.
Coal production was 35.6 million tonnes, 4% higher than the comparable period due to higher production from South Africa where two new projects have been commissioned. Glencore oil entitlement production was up 52% to 2.6 million barrels, this being a direct reflection of the ramp-up at Badila and Mangara and the impact of higher ownership of the Chad assets following the Caracal acquisition in July 2014.
In a statement the company said overall Q1 2015 copper equivalent production was up 7% compared to Q1 2014 and sequentially in line with Q4 2014.