Glencore has delivered strong March quarter results despite weather and safety issues affecting production at its Australian mines.
Severe flooding in Queensland reduced the company’s integrated metal production in Australia, as copper production fell seven per cent compared with the first quarter of 2018.
The weather conditions meant Glencore’s own sourced copper production fell 28 per cent within Australia against the March 2018 quarter.
Glencore’s acquisition of the Hail Creek mine in Central Queensland provided a major boost to its coking coal production, which was 63 per cent higher than the first quarter last year, assisted by strong performance at Oaky Creek.
The company’s increased production of coking coal was, however, partly offset by the disposal of the Tahmoor mine in New South Wales.
Glencore’s production of zinc and lead in Australia grew significantly in the quarter with the restart of the Lady Loretta mine in Queensland.
Its zinc output surged 37 per cent while lead production was 69 per cent higher against the same period of last year.
Glencore’s global production has, meanwhile, been affected by safety issues, weather and other developments, forcing the company to slow down or halt production at some sites.
Safety-related stoppages and smelter outages impacted copper production at the company’s Mopani site in South Africa, while nickel production fell 10 per cent after being impacted by severe weather in Canada.