GLEN Glencore Plc

Glencore PLC on Friday reported mixed production for the first half of the year and cut its copper output guidance while keeping other forecasts unchanged. Here's what the commodity mining and trading company had to say:

On copper production:

"Own sourced copper production of 510,200 tons was 87,700 tons (15%) lower than 1H 2021 due to ongoing geotechnical constraints at Katanga (35,500 tons), the basis change arising from the sale of Ernest Henry in January 2022 (21,900 tons), Collahuasi mine sequencing (18,100 tons) and lower copper units produced within Glencore's zinc business."

On zinc production:

"Own sourced zinc production of 480,700 tons was 101,000 tons (17%) lower than 1H 2021 reflecting progressive reduction in the South American portfolio through disposals and closures (49,600 tons), Covid-19 related absenteeism leading to lower development rates and sequence changes at Mount Isa (34,800 tons) and somewhat lower Antamina production."

On nickel Production:

"Own sourced nickel production of 57,800 tons was 10,100 tons (21%) higher than 1H 2021 reflecting Koniambo operating both production lines in 2022 and Murrin stable operations compared to maintenance in base period."

On coal production:

"Coal production of 55.4 million tons was 6.7 million tons (14%) higher than 1H 2021, mainly reflecting higher attributable production from Cerrejon, following the acquisition in January 2022 of the remaining two-thirds interest that Glencore did not already own."

On ferrochrome production:

"Attributable ferrochrome production of 786,000 tons was 13,000 tons (2%) higher than 1H 2021, reflecting consistent smelter performance."

On oil production:

"Entitlement interest oil production of 3.1 million barrels of oil equivalent was 0.6 million barrels (22%) higher than 1H 2021, due to commencement of the gas phase of the Alen project in Equatorial Guinea from March 2021."

On guidance:

"Our full year production guidance remains unchanged with the exception of copper, where the ongoing geotechnical constraints relating to Katanga's open pit and continued management of higher levels of acid-consuming ore, largely account for the reduced guidance of 1,060kt (previously 1,110kt)."

Shares at 0812 GMT were up 10.30 pence, or 2.3%, at 459.65 pence.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

July 29, 2022 04:43 ET (08:43 GMT)

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