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Mining giant Glencore ups copper production in Q1 2021

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(Kitco News) - Glencore, one of the world's largest global diversified natural resource companies, reported Thursday that its own sourced copper production of 301,200 tonnes was 3% higher than in Q1 2020, mainly relating to productivity improvements and mine plan sequencing at the company's South American operations including Collahuasi, Antamina and Antapaccay.

The company's own sourced zinc production of 282,600 tonnes was 13,000 tonnes (4%) lower than Q1 2020, mainly relating to lower grades at Kazzinc's Maleevsky mine (Kazakhstan) and mine sequencing at Kidd (Canada).

Glencore's own sourced nickel production of 25,200 tonnes was 3,000 tonnes (11%) lower than Q1 2020, primarily reflecting maintenance at Koniambo.

The company's attributable ferrochrome production of 399,000 tonnes was 3% up on Q1 2020, reflecting the impact of the South African national lockdown on the base period, having commenced late March 2020.

Coal production of 24.5 million tonnes was 7.4 million tonnes (23%) lower than Q1 2020, mainly reflecting cessation of mining at Prodeco (3.8 million tonnes) and various changes in the Australian portfolio (2.9 million tonnes).

CEO Ivan Glasenberg commented, "The group's overall production was broadly  in line with our expectations for the first quarter. Production in Q1 2021 reflects that many of our operations continue to maintain thorough Covid-safe working practices, as appropriate for each specific country and region. Full year production guidance has been maintained for our key commodities."

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. The group's operations comprise around 150 mining, metallurgical and oil production assets.

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