Glencore Q1 Ag Production Nearly Doubles Year on Year
In September 2015, Glencore began seeking an injection of investor capital as part of its plan to reduce its debt load by $10 billion, and in April of this year it was announced that the Canada Pension Plan Investment Board (CPPIB) purchased a 40% stake in Glencore Agri for $2.5 billion.
One month later, the group announced that its total agricultural production for the first quarter of 2016 increased by 89% compared to the same time period a year before – jumping from 1.38 million tons in Q1 2015 to 2.606 million tons in Q1 2016, reports World Grain.
Oilseed crush volume increased by 91% year on year from 955,000 tons in Q1 2015 to 1.826 million tons in Q1 2016.
Wheat milling for the quarter saw a slight increase, climbing to 239,000 tons in Q1 2016 from 236,000 tons in Q1 2015.
Rice milling saw a 19% increase year on year, increasing from 47,000 tons in Q1 2015 to 56,000 tons in Q1 2016.
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