Glencore 2023 Production Volumes in Line With Guidance

By Anthony O. Goriainoff and Christian Moess Laursen

Glencore said its full-year production fell across most metals and minerals but was in line with its revised guidance, while coal and gold output increased, reaching annual targets after stronger second half volumes.

The world's biggest miner by revenue said Thursday its full-year copper output fell 5% to 1.01 million metric tons in 2023 compared with the prior-year, due to the disposal of a copper mine.

Glencore had expected it to be in the lower-end of a 1.01 million to 1.07 million tons range.

Zinc volumes fell 2% to 918,500 tons, reflecting the disposal of various zinc operations in South America, while coal production rose 3% to 113.6 million tons despite various capacity constraints, such as weather, blockades and logistics.

Elsewhere, the Anglo-Swiss mining giant's production of cobalt, nickel and ferrochrome fell 6%, 9% and 22%, respectively.

Gold production rose 13% to 747,000 tons.

The company said it expects 2023 marketing adjusted earnings before interest and taxes to be around $3.5 billion.

For 2024, Glencore expects to produce between 950,000 and 1.01 million tons of copper, between 105 million and 115 million tons of coal and between 900,000 and 950,000 tons of zinc.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com and to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

February 01, 2024 02:38 ET (07:38 GMT)

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