30th Jan 2025 08:21
(Alliance News) - Glencore PLC on Thursday said its mine production in 2024 was in line with its guidance, as improvements in the second half of the year partially made up for declines in the first.
The Barr, Switzerland based commodity trading and mining company reported a 5.8% decline in copper production to 951,600 tonnes in 2024 from 1.0 million in 2023, reflecting lower planned production at Antapaccay mine in Peru and Collahuasi mine in Chile.
Copper output for the second half of 2024 was at 489,000 tonnes, 6% higher than the first six months, thanks mainly to improved production at Kamoto Copper Co in the Democratic Republic of Congo due to higher-grade ores, higher than planned run-rates at Mutanda mine also in DRC, and increased Mount Isa copper production in Australia.
For 2024, cobalt production was 38,200 tonnes, down 7.5% from 41,300 in 2023, primarily as a result of lower grades at Mutanda.
Zinc production inched down 1.6% to 905,000 tonnes in 2024 from 918,500 in 2023. In the second half, zinc output was 487,800 tonnes, 17% higher than the first half.
Lead production rose 1.8% to 185,900 tonnes in 2024 from 182,700 in 2023, while nickel output fell 16% to 82,300 tonnes from 97,600.
In precious metals, gold production was down 1.2% to 738 ounces in 2024 from 747 in 2023, and silver production dropped 3.6% to 19,286 ounces from 20,011.
Ferrochrome production was flat at 1.16 million tonnes in 2024.
After shareholders voted for Glencore to keep coal assets, steelmaking coal production surged to 19.9 million tonnes from 7.5 million tonnes, reflecting the acquisition of Elk Valley Resources in July last year.
But energy coal production was 6.1% lower at 99.6 million tonnes from 106.1 million, reflecting the progressive impact of scheduled mine closures, longwall moves in Australia in 2024, export rail constraints in South Africa, and a combination of permit delays, community blockades and unusually heavy rain at Cerrejon.
Energy coal volumes increased 5.2 million tonnes in second half in line with operational and logistical improvements in Australia and South Africa, while steelmaking coal added 13.1 million tonnes in in the second six months, including a 12.5 million tonnes contribution from Elk Valley Resources.
Glencore Chief Executive Officer Gary Nagle said 2024 production volumes were delivered within the miner's guidance ranges, reflecting stronger second-half performances across its key commodities.
Nagle said the company will provide an updated guidance for 2025 through to 2028 on February 19, when it releases its annual financial results.
Shares in Glencore were down 1.1% to ZAR79.62 each in Johannesburg on Thursday morning. They were down 1.3% to 340.95 pence in London.
By Artwell Dlamini, Alliance News reporter
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