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Glencore to raise 2019 coal output by 12%

CoalFreight

20 Feb 2019 09:03

Photo: 360b/Shutterstock.com

Photo: 360b/Shutterstock.com

London

20 Feb 2019 09:03

(Montel) Glencore will raise coal production by 12% this year, to 145m tonnes, as recently acquired Australian assets and Colombian mine developments bolster output, the Anglo-Swiss trading and mining firm said on Wednesday.

“The full-year effects of the 2018 coal acquisitions and the expected increase in [Colombian firm] Prodeco’s production, drive an expected increase in 2019 consolidated production,” the firm said, in its full-year 2018 results.

Glencore produced 129.4m tonnes of mainly thermal coal in 2018, up by 7% on the year, led by a 21% increase in Australian thermal coal output for export, which totalled 59.4m tonnes.

This reflected more favourable weather conditions, disruptions due to industrial action in 2017 and the acquisition of Rio Tinto’s Hunter Valley Operations and Hail Creek mines mid-last year, Glencore said.

This offset lower production at its South African and Colombian assets, where total output was down 5% to 27.3m tonnes and 13% to 21.9m tonnes, respectively.

In Colombia, Prodeco production fell 20% to 11.7m tonnes, due to “mine development activities”, which were “expected to increase the operation’s medium-term volume productivity and earnings prospects,” it said.

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