Glencore 2022 Production Mostly in Line With Guidance -- Commodity Comment
01 Février 2023 - 9:22AM
Dow Jones News
Glencore PLC on Wednesday reported production figures for 2022
which were overall in line with guidance provided for in October,
with final quarter sequential production increases across most of
its key commodities, including copper, zinc, nickel and coal.
Here's what the FTSE 100-listed commodity mining and trading
company had to say:
On copper production:
"Own sourced copper production of 1,058,100 metric tons was
137,600 metric tons (12%) lower than 2021, due to the basis change
arising from the sale of Ernest Henry in January 2022 (44,800
metric tons), the ongoing geotechnical constraints at Katanga
(44,300 metric tons), Collahuasi planned mining sequence changes
(26,100 metric tons) and a lower contribution from Mount Isa
(21,000 metric tons)."
On cobalt production:
"Own sourced cobalt production of 43,800 metric tons was 12,500
metric tons (40%) higher than 2021 following Mutanda's restart in
4Q 2021."
On zinc production:
"Own sourced zinc production of 938,500 metric tons was 179,300
metric tons (16%) lower than 2021, reflecting the disposal /
cessation of South America operations (83,400 metric tons), closure
of Matagami (30,100 metric tons) and lower volumes from Mount Isa
(39,600 metric tons), as Lady Loretta approaches end of mine
life."
On nickel production:
"Own sourced nickel production of 107,500 metric tons was 5,200
metric tons (5%) higher than 2021, reflecting Murrin Murrin's
scheduled major maintenance shut in the prior year and Koniambo
running two production lines for the majority of 2022, partially
offset by lower production at INO due to strike action in Canada
and Norway."
On ferrochrome production:
"Attributable ferrochrome production of 1,488,000 tons was in
line with 2021."
On coal production:
"Coal production of 110.0 million metric tons was 6.7 million
metric tons (6%) higher than 2021, reflecting higher attributable
production from Cerrejon, following the acquisition in January 2022
of the remaining two-thirds interest that Glencore did not already
own, less declines elsewhere in the portfolio."
On oil production:
"Entitlement interest oil production of 6.1 million barrels of
oil equivalent was 0.9 million barrels (16%) higher than 2021, due
to a full year of production from the Alen gas project in
Equatorial Guinea, following its commencement in March 2021."
On 2022 volumes:
"Overall, 2022 production volumes were in line with our revised
guidance from October 2022, with final quarter sequential
production increases delivered across most of our key commodities,
including copper, zinc, nickel and coal."
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
February 01, 2023 03:07 ET (08:07 GMT)
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