Glencore PLC (LSE:GLEN) reported first-quarter production was broadly in line with its expectations and left full-year production guidance unchanged.
In a statement, chief executive officer Gary Nagle said the in-line figures accounted for “portfolio changes and operational conditions, including the disposals/closures of some zinc and lead mines in the Americas during 2022”.
He also highlighted the strong performance in its Marketing segment, which continued to perform well through the quarter, particularly within energy products.
As a result, he said “extrapolating Q1's Marketing Adjusted EBIT has us, once again, on track to exceed the top end of our US$2.2-US$3.2 billion p.a. long-term guidance range”.
Own-sourced copper production of 244,100 tonnes was 13,700 tonnes (5%) lower than the first quarter of 2022, largely due to planned lower grades in line with the phasing of the pit at Collahuasi and delays associated with adverse weather conditions at Antamina.
Own-sourced zinc production of 205,300 tonnes was 36,200 tonnes (15%) lower than last year, reflecting the disposal of South American zinc operations, the closure of Matagami in 2022, temporary suspension of operations at Antamina and McArthur River temporarily processing lower-grade feedstocks in accordance with its mine plan.
Own-sourced nickel production of 20,900 tonnes was 9,800 tonnes (32%) lower than the corresponding period in 2022, primarily reflecting INO prioritising third-party feed.
But attributable ferrochrome production of 400,000 tonnes was 13,000 tonnes (3%) above last year.
Coal production of 26.9mln tonnes was 1.6mln tonnes (6%) lower than 2022, mainly reflecting the short-term impact of a community blockade at Cerrejón and mining around geological anomalies in South Africa.