Glencore (LON:GLEN) has posted its full-year production report this morning.
Highlights from the company statement:
- Full year production was in line with guidance, reflecting production suspensions in copper, zinc, coal and oil.
- Solid Q4 2016 production across the board.
- Own-sourced copper production of 1,425,800 tonnes was 5% lower than 2015, reflecting the suspended production at our African Copper assets, partly offset by higher grades and throughput within the South American portfolio.
- Own-sourced zinc production of 1,094,100 tonnes was 24% down on 2015, due to the October 2015 announced production curtailments, mainly in Australia and Peru.
- Own-sourced nickel production of 115,100 tonnes was 20% higher than 2015, when major prior year scheduled maintenance impacted throughput at the Sudbury smelter.
- Coal production of 124.9 million tonnes was 5% down on 2015, mainly reflecting the divestment of Optimum Coal.
- Glencore's entitlement oil interest of 7.5 million barrels was 29% lower than 2015, due to depletion of existing fields.
- 2017 production guidance, unchanged from the Investor Update on 1 December 2016, is detailed on page 19 of the full report.
- Our Resources & Reserves report for 2016, also published today, highlights good progress being made on our various potential extension projects and some exploration successes, including:
· Coroccohuayco (Antapaccay) upgraded 184 million tonnes to ore reserves at ~1% copper;
· Zhairem (Kazzinc) upgraded over 60 million tonnes to ore reserves with >4% zinc;
· Vasilkovskoye's gold ore reserve base (Kazzinc) increased by 14 million tonnes (16%), with resources up by 44 million tonnes.