21st Apr 2023 09:06
(Alliance News) - Glencore PLC on Friday said production is in line with expectations, despite a drop in its first quarter figures.
The Anglo-Swiss miner and commodities trader reported copper production of 244,100 tonnes, falling 5.3% from 257,800 tonnes a year ago, the reduction in copper production was due to "planned lower grades in line with the phasing of the pit at Collahuasi and delays associated with adverse weather conditions at Antamina".
Silver production fell 31% to 4.5 million ounces, while gold production fell to 187,000 ounces, decreasing 1.1% from 189,000 ounces.
Zinc production also fell to 205,300 tonnes, down 15% from 241,500 tonnes and lead fell 16% from 39,300 tonnes, from 46,800 tonnes, reflecting the company's disposal of its South American operations, the closure of its Matagami mine, suspension of operations due to weather and lower-grade processing at McArthur River.
Nickel and coal production fell 32% and 5.6% respectively. Meanwhile, cobalt production was up 8.2%, and ferrochrome rose 3.4%.
Chief Executive Gary Nagle said: "First quarter production was broadly in line with our expectations, accounting for portfolio changes and operational conditions, including the disposals/closures of some zinc and lead mines in the Americas during 2022. Full year production guidance is unchanged from that presented at Glencore's investor presentation in December 2022."
The firm noted the its marketing segment saw a strong performance in the first quarter, with its adjusted earnings before interest and tax indicating that it is on track to "exceed" the top end of its USD2.2 to USD3.2 billion long term guidance.
Glencore shares fell 1.8% to 492.80 pence each in London on Friday morning, and were down 1.5% to ZAR110.59 in Johannesburg.
By Harvey Dorset, Alliance News reporter
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