By Christian Moess Laursen
Glencore confirmed its full-year production guidance after booking declines in copper, coal and cobalt which were offset by increased lead, nickel and gold output. Zinc and silver volumes were largely stable. Here's what the Anglo-Swiss miner and trader had to say.
On copper:
"Own sourced copper production of 239,700 metric tons was 2% above 1Q 2023 on a like-for-like basis, removing 8,700 tons of Cobar (sold in June 2023) volumes from the prior period."
On cobalt:
"Own sourced cobalt production of 6,600 tons was 3,900 tons lower than 1Q 2023, mainly reflecting planned lower runrates at Mutanda in the current weak cobalt pricing environment and mill downtime at KCC [both in the Democratic Republic of the Congo]."
On zinc:
"Own sourced overall zinc production of 205,600 tons was in line with 1Q 2023, reflecting the ramp up of Zhairem (14,300 tons) [in Kazakhstan], offset by lower zinc tons from Antamina (10,300 tons) [in Peru], on account of its expected mining sequence and zinc Australia (3,500 tons), due to a tropical cyclone and flash flooding.
"Own sourced zinc production from the zinc department itself, excluding Antamina, was 10,600 tons (6%) higher than 1Q 2023."
On nickel:
"Own sourced nickel production of 23,800 tons was 2,900 tons (14%) higher than 1Q 2023, largely due to recovery from the INO [in Ontario, Canada] supply chain constraints seen in the base period."
On ferrochrome:
"Attributable ferrochrome production of 297,000 tons was 103,000 tons (26%) below Q1 2023, as the Rustenburg smelter [in South Africa] remains idled, pending an improved price/cost environment."
On coal:
"Coal production of 26.6 million tons was broadly in line with Q1 2023."
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
04-30-24 0335ET
