Glencore PLC (LSE:GLEN) saw lower production in every commodity except gold and coal in 2023, with only zinc and ferrochrome tipped to improve in 2024.
Gary Nagle, chief executive, said the outcome was in line with the group's previous indications and that the second half had been stronger, especially in zinc, copper, nickel and coal.
Own-sourced copper production of 1,010,100 tonnes was 48,000 tonnes (5%) lower than in 2022, primarily reflecting the sale of Cobar.
Cobalt production of 41,300 tonnes was 2,500 tonnes (6%) lower than in 2022, mainly due to feed plan adjustments at Mutanda.
Coal production of 113.6 million tonnes was 3.6 million tonnes (3%) higher.
Costs have also been higher than expected in copper, zinc and nickel, said the statement.
In his guidance for 2024, Nagle said copper in the 950-1,010kt range reflects the sale of Cobar, as well as cobalt market-related adjustments.
Zinc guidance is positioned within a similar range at 900-950kt, while nickel production guidance is 80-90kt, excluding Koniambo.
Coal production is forecast to be steady at the guidance range mid-point of 110Mt, Nagle added, excluding any incremental volumes from Teck's steelmaking coal business,
"We furthermore expect to report a FY2023 Marketing Adjusted EBIT result of approximately $3.5 billion, largely repeating H1's run-rate," Nagle said.