Glencore's copper production fell 8% year on year to 1.31 million mt in 2017, the diversified miner said in its production report released Thursday.
It said the lower output was due to the sale of its Ernest Henry copper mine in northwest Queensland in the fourth quarter of 2016, end-of-mine-life production declines at the Alumbrera mine in Argentina and various temporary effects including lower throughput at the Mutanda mine in the Democratic Republic of the Congo -- due to constrained supply of sulfuric acid -- and smelter maintenance at Mount Isa in Queensland.
Q4 copper output of 363,200 mt was 59,600 mt or 20% higher than in Q3, reflecting the resolution of such temporary impacts, according to the report.
Glencore's own-sourced zinc production in 2017 was 1.09 million mt, marginally down year on year, as the step-up in Antamina's zinc production was offset by the disposals of the African mines to Trevali Mining, and lower production, as expected, at Mount Isa. The Antamina mine is located in the Andes Mountains of Peru. Glencore's Q4 zinc output was 262,800 mt, up 2.4% from Q3, the report showed.
Glencore's own-sourced nickel output of 109,100 mt in 2017 was 6,000 mt or 5% lower year on year, due to changes in the use of third party versus own- sourced feeds in the INO circuit, partly offset by strengthening operational performance at the Koniambo mine in the north of New Caledonia, it said.
Attributable ferrochrome output of 1.53 million mt in 2017 was 1% higher than that in 2016, while its cobalt output in 2017 was 27,400 mt, down 3% from 2016, the report showed.
Glencore set its 2018 copper output goal at 1.47 million mt, up or down 30,000 mt, and 2018 cobalt output goal at 39,000 mt, up or down 3,000 mt. The target for zinc is 1.09 million mt, up or down 30,000 mt, and ferrochrome 1.6 million mt, up or down 30,000 mt.
