Glencore Announced Q3 2020 Production Report

SEATTLE (Scrap Monster): Glencore announced Q3 2020 production report. The quarterly copper production by the company recorded year-on-year decline by 2% to total 346,600 mt. Meantime, the cumulative copper output during the initial nine-month period of the current year reported 8% decline from the previous year to total 934,700 mt.

The own-sourced copper production was lower by 81,100 mt than the comparable period last year. The lower output was mainly due to care and maintenance at Mutanda, DRC mine and temporary suspension of operations at Antamina, Peru. The reduced output was partly offset by robust performance at Collahuasi, Chile and Katanga, DRC mines.

Commenting on the results, Ivan Glasenberg, Chief Executive Officer, Glencore noted that the company was able to deliver a solid third quarter operating performance, despite challenges posed by the pandemic. The quarter was marked by the successful ramp-up of Katanga, which remains on track to attain design capacity before the end of this year.

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The company maintained its 2020 full-year copper production guidance at 1.255 million mt. Glencore has tightened ranges to plus or minus 25,000 mt from plus or minus 35,000 mt before. A detailed business update will be provided during the Investor Update, which is scheduled to be held on 4^th December, the company press release said.