Glencore PLC (LSE:GLEN) told investors that production for 2024 remained within guidance, with strong second-half performances across key commodities.
The company highlighted significant increases in steelmaking coal production following its acquisition of Elk Valley Resources (EVR).
“Industrial asset teams continue to refine their optimal production pathways and I am pleased to report a net overall addition to our 2024 mineral reserve base, notably in copper at Antamina, bauxite at MRN, and steelmaking coal via the acquisition of EVR,” chief executive Gary Nagle said in a statement.
Copper production for the year reached 951.6 kilotonnes (kt), down 6% from 2023, but the performance strengthened in the second half, up 6% compared to the first, after operational improvements and higher grades.
Cobalt production declined 8% to 38.2kt due to lower grades at the Mutanda mine.
Zinc production stood at 905.0kt, a slight 1% decline year-over-year, though second-half volumes increased 17%.
Nickel output fell 16% to 82.3 kt, impacted by the transition of Koniambo to care and maintenance.
Coal production was significantly lifted by EVR, with steelmaking coal volumes up 165% to 19.9 million tonnes, largely thanks to the addition of 12.5 million tonnes from EVR, whilst ‘energy coal’ production declined 6% to 99.6 million tonnes reflecting scheduled mine closures, logistical constraints, and weather-related disruptions.
Glencore said it will give investors updated guidance covering production and capex for the 2025-28 period, as well as 2025 unit cost guidance, alongside its preliminary results for 2024, due on 19 February.