6 hours Ago By robertsailo
Glencore has announced a decline in its 2024 production of copper, cobalt, zinc, nickel and thermal coal, aligning with its guidance. The company produced 951,600 tonnes (t) of copper in 2024, a 6% decrease from 1.01 million tonnes (mt) in 2023, meeting the lower end of its forecast range of 950,000t–1.
01mt. Glencore plans to release its production guidance for 2025 and beyond during its annual financial results on 19 February. The company had previously projected its full-year marketing earnings before interest and tax (EBIT) to be in the $3bn (SFr2.
73bn)–3.5bn range, nearing the top of its long-term forecast of $2.2bn–3.
2bn. The trading division, which achieved a record profit of $6.4bn in 2022, comprises coal, oil, liquefied natural gas and related products, alongside metals.
The miner has retained its coal business after acquiring Teck Resources’ coking coal assets and gaining support from most of its investors, which anticipate substantial earnings from fossil fuels. The company reportedly remains one of the largest producers and exporters of thermal coal, mining 99.6mt in 2024, down from 106.
1mt in 2023. In 2024, Glencore’s steelmaking coal production increased to 19.9mt from 7.
5mt. Glencore CEO Gary Nagle said: “2024 was an important year for Glencore, with the acquisition of EVR and shareholder support for the retention of our coal business. “Our industrial asset teams continue to refine their optimal production pathways and I am pleased to report a net overall addition to our 2024 mineral reserve base, notably in copper at Antamina, bauxite at MRN and steelmaking coal via the acquisition of EVR, following the significant growth in our Argentina copper resources base reported in 2023.
“2024 production volumes were delivered within our guidance ranges (unchanged from the beginning of the year), reflecting stronger second-half (H2) performances across our key commodities. “Copper production was 26kt (26,000t) higher in H2 (+6% vs H1), supported by Antapaccay’s recovery from H1 geotechnical issues and higher grades at KCC. In zinc, H2 volumes jumped 71kt (+17% vs H1), reflecting increased contributions across the board, including from Kazzinc, Mount Isa and Antamina.
” “In coal, energy volumes increased 5.2mt in H2 in line with operational and logistical improvements in Australia and South Africa, while steelmaking coal added 13.1mt in H2 (a near-fivefold increase vs H1), reflecting the 12.
5mt contribution from EVR,” he added..
