Glencore Third Quarter 2022 Production Report.

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Overig advies 31/10/2022 06:53
Glencore Chief Executive Officer, Gary Nagle:
“Operational performance over the third quarter was impacted by a range of events including extreme weather in Australia, industrial action at nickel assets in Canada and Norway (since resolved) and the emergence of significant supply chain issues in Kazakhstan stemming from the Russia/Ukraine war. Full-year 2022 production guidance has, accordingly, been reduced for those affected commodities.
“Following the exceptionally strong marketing performance in the first half of the year, we currently expect a significantly reduced, but still above-average second-half contribution, likely exceeding $1.6 billion, being the top end of the pro-rated long-term EBIT guidance range of $2.2 to $3.2 billion p.a.”
Production from own sources – Total1

YTD
2022 YTD 2021 Change %
Copperkt 770.5 895.5 (14)
Cobalt kt 33.1 23.4 41
Zinc kt 699.6 855.8 (18)
Lead kt 136.9 173.4 (21)
Nickel kt 81.6 71.1 15
Gold koz 504 593 (15)
Silver koz 17,878 23,794 (25)
Ferrochrome kt 1,110 1,071 4
Coal mt 81.9 76.3 7
Oil (entitlement interest basis) kboe 4,822 4,145 16

1 Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated.

Production guidance
Changes in guidance, extensively foreshadowed in our Q2 2022 production report, but requiring passage of time to quantify the various impacts, mainly reflects:

Tightening of the ranges
Zinc down 65kt (6%) – emerging supply-chain issues in Kazakhstan as the secondary impacts of the Russia/Ukraine war are felt throughout the CIS region
Nickel down 8kt (7%) – effects of the approximately 15-week strike at Raglan mine and the 10-day strike at Nikkelverk
Coal down 11mt (9%) – severe flooding in NSW (also higher than average rainfall in Queensland) and associated delays in restoring mine production and logistics infrastructure (primary NSW export rail line closed for approximately 2 weeks). The La Niña weather pattern exhibits a high probability of causing further disruption in Q4, with a wide plus/minus 4mt range reflecting this.

see & read more on
https://www.glencore.com/media-and-insights/news/third-quarter-2022-production-report



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