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Glencore releases 3Q16 report

Published by
World Coal,

Glencore has released its 3Q16 operating results, citing a total production of 91.9 million t. The highlights include:

  • Coal assets: production of 91.9 million t was 10.1 million t (11%) lower than the comparable 2015 period. This reflects the divestment of Optimum Coal, closure of various South African operations, mine/maintenance sequencing in Australia and adverse weather conditions in Colombia.
  • Australian coking: production of 3.6 million t was 0.6 million t (14%) less than the comparable period, reflecting various operational and geological challenges at a number of mine sites.
  • Australian thermal and semi-soft: production of 45.5 million t was in line with the comparable period. Operational difficulties relating to ground conditions at Bulga Underground earlier in 2016 were offset by increased production at Ulan and Mangoola.
  • South African thermal: production of 21.9 million t was 9.9 million t down on the comparable period, mainly reflecting Optimum Coal movements and the scheduled closures of the Middelkraal and South Witbank mines.
  • Prodeco: production of 13.0 million t was 0.9 million t below the comparable period, due to adverse weather conditions and some proactive supply reduction earlier in the year in response to market conditions.
  • Cerrejón: Glencore’s share of production was 7.9 million t, 0.5 million t (6%) lower than the comparable period, reflecting some restrictions implemented to mitigate dust emissions during a protracted drought in the region, and then, conversely, higher than average rainfall during May and June, which hampered production.
  • Oil assets: Glencore’s share of production was 6.0 million bbls, 2.0 million bbls (25%) less than the comparable period, reflecting natural depletion of the existing fields. Replacement volumes have yet to be drilled as the resource is being preserved for a stronger oil price environment.

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