LONDON (dpa-AFX) - Glencore Plc (GLCNF.PK, GLNCY.PK, GLEN.L) said Thursday that its own sourced copper production for the first quarter of 2020 declined 9 percent from the year-ago period to 293,300 tonnes. The company noted that no production was reported in the quarter for Mutanda and Mopani.
The company's own sourced nickel production for the quarter rose 4 percent to 28,200 tonnes, reflecting the offsetting effects of disruptions in the base period at INO and Koniambo, and maintenance in the current period at Murrin Murrin.
Own sourced zinc production rose 13 percent to 295,600 tonnes, mainly relating to the Antamina joint venture, the Iscaycruz mine in Peru that restarted in the third quarter of 2019 and higher grades from Canada.
Glencore's coal production decreased 4 percent to 31.9 million tonnes, mainly reflecting operating challenges in South Africa and mining sequencing in the Australian coking portfolio, partly offset by higher Australian thermal coal production.
Looking ahead to 2020, Glencore now forecast its copper production to be 1.255 million tonnes, plus or minus 45 thousand tonnes. Earlier, the company projected production of 1.300 million tonnes, plus or minus 50 thousand tonnes.
The company also said it expect a reduction of about $1.0 billion to $1.5 billion in 2020 capex compared to its original 2020 guidance of $5.5 billion.
Glencore noted that focused cost control, lower energy costs, favorable movements in producer currencies and higher precious metals' by-product credits, have underpinned reductions in forecast full-year unit cash costs for its key commodity departments.
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