Glencore lifts coal output by 8% on yr in Jan-Sep Company,  Production & Sales,  International 2019-10-28 09:50:24

Diversified miner Glencore achieved higher output of coal in the nine months ended September 30, while copper production decreased year on year.

The company's coal production of 104 million tonnes in January to September was 7.3 million tonnes, or 8%, higher than the prior comparable period, on the back of the HVO and Hail Creek acquisitions in Australia coming into full effect and higher production at the Prodeco mine, in Colombia.

However, overall coal production was slightly offset by lower production from Cerrejon, also in Colombia.

Production of Australian thermal coal production for export up 6% to 47.8 million tonnes compared with 45 million tonnes produced in the comparable prior period.

Production from the firm's Colombian joint venture Cerrejon down 20% year on year to 6.3 million tonnes, and output from its other Colombian joint venture, Prodeco, surging 30% from 8.7 million tonnes to 11.3 million tonnes.

In South Africa, production of export-grade thermal coal dropped 23% to 10.1 million tonnes in the first nine months and output for domestic use jumped 59 from the same period of 2018 at 11.1 million tonnes, said Glencore.

In terms of coking coal, Glencore produced 6.1 million tonnes of coking coal from its Australian operations in January-September 2019, up 13% from 5.4 million tonnes a year earlier, mainly reflecting the full year contribution of Hail Creek, which was acquired in August 2018.

Meanwhile, the miner's production of Australian semi-soft coal in the first nine months surged 104% from a year earlier to 5.1 million tonnes, showed the report.

Glencore produces semi-soft and coking coal from 10 mines in Australia's Hunter Valley, which gets shipped to the seaborne market from the Port of Newcastle, and from five mines in the Queensland-based Bowen Basin, which is exported via the ports of Abbot Point, Dalrymple Bay and Gladstone.

The world's biggest shipper of seaborne coal has said it can continue to generate strong margins from high quality coal assets as demand will continue, especially in Asia, despite a clamor in developed countries for minerals associated with the transition to a greener economy.

The company's own-sourced copper production for the period under review was 47,300 tonnes, or 4%, lower year on year at 1.01 million tonnes.

Full-year 2019 copper output, excluding African copper, is expected to be around 1.01 million tonnes, while guidance for African copper was around 375,000 tonnes, making a total of just under 1.4 million tonnes versus previous guidance of around 1.45 million.

The company maintained its yearly guidance for copper of about 1.4 million tonnes.

(Writing by Becky Du  Editing by Harry Huo)
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