- • The proactive production cuts announced and actioned in 2015 led to period on period production reductions in copper, zinc, lead, coal and oil, reflecting our disciplined approach to supply at low points in the commodity cycle.
- • Copper production from own sources of 335,000 tonnes was 4% down on Q1 2015, reflecting the suspensions / reductions in Africa, partly offset by increased production from South America.
- • Zinc production from own sources of 257,100 tonnes was 28% down, reflecting the announced reductions in Australia, Peru and Kazakhstan.
- • Nickel production from own sources of 27,600 tonnes was 16% up, reflecting a higher mix of own feed treated at Nikkelverk and a strong performance at Murrin Murrin.
- • Coal production of 29.7 million tonnes was 5.9 million tonnes (17%) down, mainly due to loss of control of Optimum Coal from August 2015. In Colombia, some mining restrictions also contributed.
- • Agricultural Products’ crush volumes were up 1.2 million tonnes (89%), due to improved macro-economic conditions in Argentina and the acquisitions in 2015 of the Becancour (Canada) and Warden (USA) plants.
- • Full year 2016 production guidance is unchanged, except for E&P Oil where reductions in the drilling campaign have led to a 0.3 million bbl reduction compared to previous guidance
Marketing EBIT guidance range for 2016 unchanged at $2.4-2.7 billion.
For further information please contact:
Investors Martin Fewings
T: +41 41 709 28 80
M: +41 79 737 56 42
M: +41 79 904 33 20
T: +44 20 7412 3471
M: +44 77 3031 9806
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group’s operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities. With a strong footprint in both established and emerging regions for natural resources, Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore’s companies employ around 160,000 people, including contractors. Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.