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[Ferro-Alloys.com]Following completion of the merger with Xstrata on 2 May 2013, production information for all periods covered in this report has been presented on a combined basis.

 

Corporate update:

− Responding to the volatile market backdrop, we have comprehensively reviewed the planned level of sustaining and expansionary capex in 2015. Originally guided to $7.9 billion at our investor day on 10 December 2014, we now expect 2015 total industrial capex to be in the $6.5 to $6.8 billion range, with reduced spend from across the broad portfolio. Further details of this review will be provided in our 2014 preliminary results presentation on 3 March 2015.

− S&P reaffirmed the company’s BBB (stable outlook) credit rating on 4 February 2015.

− The marketing business performed in line with our expectations in 2014.

 

Production highlights:

− Own sourced copper production increased 4% to 1,546,000 tonnes, principally due to the ramp-up of Mutanda, up 31% to 197,000 tonnes, with the operation running at close to capacity throughout the year.

− Own sourced zinc production was 1,387,000 tonnes, in-line with 2013 (up 12% quarter-on-quarter). This reflects higher production from Mount Isa, McArthur River and Perkoa as their respective expansion projects ramp-up, offset by lost production from the closures of Perseverance and Brunswick in June 2013.

− Own sourced nickel production was 101,000 tonnes, up 3% on 2013, comprising the ramp-up at Koniambo and strong production at INO (up 9%) due to higher grades at Raglan, offset by the impact of the Falcondo, Cosmos and Sinclair (now sold) mines placed on care and maintenance during 2013.

− Attributable own sourced ferrochrome production was up 5% at 1,295,000 tonnes, reflecting the ramp-up of Lion phase 2, which is progressing to plan and expected to reach full capacity by the middle of 2015.

− Own sourced coal production was 146.3 million tonnes, up 6% over 2013, relating to productivity improvements and delivery of various advanced stage Australian thermal coal projects. A 3 week shutdown at our Australian coal operation was carried out over December 2014 and January 2015 in response to the subdued market environment.

− Glencore oil entitlement was 7.4 million barrels, 47% higher than 2013. The increase relates to full year production from Alen (EG) and Badila (Chad) and increased ownership of the Chad assets following the Caracal acquisition. 

The Mangara field (Chad) started production at the end of December 2014 and is expected to ramp-up during 2015.

− The Group’s resources and reserves report was also released today.