IMS & Third Quarter 2014 Production Report

RNS Number : 0365W

Glencore PLC

04 November 2014

 



NEWS RELEASE

Baar, 4 November 2014

IMS & Third Quarter 2014 Production Report

Following completion of the Glencore Xstrata merger on 2 May 2013, production information for all periods covered in this report has been presented on a combined basis.

Key Highlights:

-      Own sourced copper production was up 8% to 1,149,000 tonnes, mainly driven by a 48% increase in production at Mutanda, reflecting it running at 200,000 tonnes p.a. during 2014, following completion of the expansion project at the end of 2013. Continued ramp-up at Katanga and higher production at Collahuasi also contributed to the increase.

-      Own sourced zinc production was 998,000 tonnes, down 6%, mainly relating to the closure of the Perseverance and Brunswick mines in June 2013. During 2014, production has grown quarter-on-quarter, comprising the ramp-up at Perkoa and the Australian expansions (McArthur River and Mount Isa). All of these projects are now progressively being delivered with the major volume benefits expected to be felt in 2015.

-      Own sourced nickel production was 75,000 tonnes, down 1%. The flat result includes the ramp-up at Koniambo and strong growth in production at INO driven by higher grades at Raglan, offset by the impact of the Falcondo, Cosmos and Sinclair mines which were placed into care and maintenance in 2013.

-      Attributable own sourced ferrochrome production was up 5% to 939,000 tonnes, reflecting the higher operating capacity (no Eskom power buy-back in 2014) and a ramp-up in production from the Lion 2 expansion project, which is progressing to plan and expected to reach full capacity by mid-2015.

-      Own sourced coal production was 111.4 million tonnes, up 7%, mainly related to higher production at Australia thermal coal, driven by productivity improvements and the completion of various advanced stage expansion projects.

-      Glencore entitlement oil production was 5.1 million barrels, up 50%, reflecting the commencement of production at Alen (EG) and Badila (Chad) during 2013. Glencore's Chad volumes increased as a result of the acquisition of Caracal in July 2014.

-      On 25 August 2014, the sale of the Frieda River copper project in Papua New Guinea was completed.

-      On 20 October 2014, an agreement was concluded to sell the Sinclair nickel mine, subject to customary approvals.

-      Marketing continues to perform in line with our plans.

Please click the link below to view the full release

http://www.rns-pdf.londonstockexchange.com/rns/0365W_1-2014-11-3.pdf

For further information please contact:

Investors	Media
Paul Smith t: [phone] m: [phone] e: [e-mail]	Charles Watenphul t: [phone] m: [phone] e: [e-mail]
Investors	Investors	Finsbury (Media)
Martin Fewings t: [phone] m: [phone] e: [e-mail]	Elisa Morniroli t: [phone] m: [phone] e: [e-mail]	Guy Lamming Dorothy Burwell t: [phone]

www.glencore.com

 

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