Glencore copper production up 11% in 2018, cobalt output soars 54%

Writer, Stock Market Wire
Friday, February 1, 2019 - 07:37

Glencore reported Friday mostly higher annual production across the board as cobalt production surged, though oil production slipped.

Copper production met guidance, rising 11% to 1,453,753 tonnes from a year earlier.

The uptick in copper production mainly reflected the restart of Katanga’s processing operations in late 2017, though was partly offset by the completion of openpit mining at Alumbrera, the company said.

Coal production rose 7% to 129.4m tonnes and cobalt production jumped 54% to 42,200 tonnes, topping guidance, which called for output in a range of 37,000 to 41,000 tonnes.

Oil output fell 8% of 4.6m from a year earlier, zinc production was flat at 1,068,100 tonnes and nickel production rose 13% to 123,800 tonnes.

For 2019, the company expected copper production to come in at a range of 1,409,000 to 1,499,000 tonnes and cobalt output in a range of 52,000 to 62,000 tonnes. Oil output was expected in a range of 6m barrels to 6.4m barrels.

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