Glencore share price: Miner posts 2016 production report

on Feb 2, 2017
Updated: Oct 21, 2019
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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.
As of 07:35 GMT, Thursday, 02 February, Glencore Xstrata PLC share price is 326.93p.

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