Glencore Q3 copper production rises 12%, cobalt up 44%

Mining and commodities trader Glencore on Friday said third quarter own-sourced copper production increased 12% year on year to 1.06m tonnes while own-sourced cobalt production was up 44% to 28,500 tonnes.

The cobalt figures were boosted by the restart of the Katanga processing operations in the Democratic Republic of Congo.

Full year copper guidance was lifted 20% to 1.46m tonnes.

Coal production rose 6% to 96.7m tonnes, reflecting the acquisition of interests in the HVO and Hail Creek mines in Australia in May and August 2018 respectively and the recovery in Australia from weather-related disruption and industrial action in 2017.

"These factors were partly offset by reduced production at Prodeco as additional overburden removal is carried out to optimise production and costs going forward," Glencore said.

Own source zinc production fell 5% to 786,000 tonnes, reflecting 92,100 tonnes of zinc relating to the African assets sold to Trevali Mining, partly offset by a strong mining performance at McArthur River and the restart of mining at Lady Loretta (Mount Isa). Adjusting for the disposal, zinc production was up 7% to 50,700 tonnes.

Full-year expectation for oil production by was cut by 300,000 barrels to 4.6m, due to a one-month unplanned stoppage at its Mangara field in Chad.

Own source nickel production rose 13% to 90,900 tonnes, which reflected the progressive ramp-up of Koniambo, with its second production line. Attributable ferrochrome production of 1.15m was in line year on year.