Glencore has cut its maximum industrial capex for 2015 to $6 billion, compared with the $6.5-6.8 billion announced in February.
The miner’s industrial capex was $3 billion in the first six months of the year, the company said in its production report for the period.
In production guidance included in the report, Glencore set a full-year 2015 ferro-chrome production target of 1.45-1.5 million tonnes, up from 1.3 million tonnes in 2014.
Glencore’s ferro-chrome production increased 16% year-on-year in the first half of 2015 on greater output from its Lion 2 smelter.
Full-year 2015 zinc production is expected to increase to 1.52-1.57 million tonnes, up from 1.39 million tonnes in 2014.
Copper production guidance has been set at 1.5-1.55 million tonnes in 2015, roughly flat on the 1.546 million tonnes in 2014. Copper production fell 3% in the first half of 2015 as a result of lower-grade material and maintenance.
Lead production is expected to increase to 335,000-360,000 tonnes in 2015. In 2014, about 308,000 tonnes of lead was produced.
Nickel production guidance has been set at 98,000-108,000 tonnes for 2015. The company produced about 101,000 tonnes of nickel in 2014.
The table below shows the midpoint of each production guidance range against full-year production in 2014.
Glencore’s production guidance for full-year 2015, as of August 2015
| 2014 production Tonnes (000) | High | Low | Midpoint | % change | |
| Copper | 1,546 | 1,500 | 1,550 | 1,525 | -1.36% |
| Zinc | 1,387 | 1,520 | 1,570 | 1,545 | 11.39% |
| Lead | 308 | 335 | 360 | 347.5 | 12.83% |
| Nickel | 101 | 98 | 108 | 103 | 1.98% |
| Ferro-chrome | 1,295 | 1,450 | 1,500 | 1,475 | 13.90% |
Charlotte Radford
charlotte.radford@metalbulletin.com
Twitter: @CRadford_MB