(Kitco News) - Major global miner and commodity trader Glencore (LSE: GLEN) reported today that its own sourced copper production was 770,500 tonnes in 9M 2022, down 14% than the comparable 2021 period.
The company said that this decrease was due to the previously reported land access, geotechnical and processing constraints at Katanga, the basis change arising from the sale of Ernest Henry in January 2022, Collahuasi lower ore mined due to mine sequencing and lower copper units produced within Glencore’s zinc business.
Glencore’s own sourced zinc production of 699,600 tonnes was 18% lower than the comparable 2021 period, reflecting progressive reduction in the South American portfolio through disposals and closures, closure of Matagami and Covid-19 related absenteeism leading to lower development rates and sequence changes at Mount Isa.
The company’s own sourced nickel production of 81,600 tonnes was 15% higher than the comparable 2021 period, reflecting Koniambo operating both production lines in 2022 and stable Murrin Murrin operations, compared to a multi-week shutdown for scheduled maintenance in the base period, partially offset by lower production at INO due to strikes at Raglan and Nikkelverk.
Glencore also reported that its attributable ferrochrome production of 1,110,000 tonnes was 4% higher than the comparable 2021 period, reflecting consistent smelter performance, while coal production of 81.9 million tonnes was 7% higher than the comparable 2021 period.
Importantly, the company announced a tightening of its 2022 production guidance ranges, with zinc down 6% due to emerging supply-chain issues in Kazakhstan; nickel down 7% due to effects of the approximately 15-week strike at Raglan mine and the 10-day strike at Nikkelverk; and coal down 9% due to severe flooding in NSW.
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. Glencore companies employ around 135,000 people, including contractors.
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