Glencore's Third-Quarter Output Fell Across Most Metals -- Commodity Comment
October 30 2023 - 4:45AM
Dow Jones News
By Christian Moess Laursen
Glencore's third-quarter production fell across all metals
except gold and coal, with double-digit drops in nickel and
ferrochrome, although it said its output of key metals copper, coal
and zinc were in line with expectations. Here's what the
Anglo-Swiss commodity miner had to say:
On copper:
"Own sourced copper production of 735,800 ton was 34,700
[metric] tons (5%) lower than the comparable 2022 period,
reflecting the sale of Cobar [mine in Australia] in June 2023 and
lower copper by-product production outside the copper
department.
On cobalt:
"Own sourced cobalt production of 32,500 ton was in line with
the comparable 2022 period."
On zinc:
"Own sourced zinc production of 672,100 tons was 27,500 tons
(4%) lower than the comparable 2022 period, mainly reflecting the
2022 disposals of South American zinc operations (23,600 tons) and
the closure of Matagami [mine in Canada] (17,300 tons), offset by
stronger production from Kazzinc (Zhairem) [mine in Kazakhstan and
Antamina [mine in Peru]."
On nickel:
"Own sourced nickel production of 68,400 tons was 13,200 tons
(16%) lower than the comparable 2022 period, primarily reflecting
higher integrated nickel operations third party production (versus
own sourced), in large part necessitated by the strike at Raglan
[in Canada] mine in 2022."
On ferrochrome:
"Attributable ferrochrome production of 873,000 tons was 237,000
tons (21%) lower than the comparable 2022 period, mainly due to
planned additional smelter offline days during the 3-month high
electricity demand winter season, a period of elevated power
prices."
On coal:
"Coal production of 83.9 million tons was broadly in line with
the comparable 2022 period."
On guidance:
"Nickel down 10kt (9%) - combination of a longer than expected
recovery period following the extended Raglan strike action in
2022, maintenance outages at the Sudbury smelter and a lower
full-year revision for Koniambo [mine in New Caledonia]."
"Ferrochrome down 110kt (8%) - lower production in H2 2023,
reflecting additional smelter offline days and further curtailments
in response to ferrochrome market conditions. Full year chrome ore
production is expected to only be modestly below 2022 levels."
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
October 30, 2023 04:30 ET (08:30 GMT)
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