- Glencore
- 30 January 2025 08:44:06
Source: Sharecast
In a production update ahead of its full-year results next month, the company reported a 6% fall in annual copper output to 951,600 tonnes.
However, second-half copper output was up 6% compared with the first half, supported by a recovery from geotechenical issues at its Antapaccay mine in Peru and higher grades at its KCC joint-owned venture in Democratic Republic of Congo.
Total zinc volumes were down 1% at 905,000 tonnes, though second-half output jumped 17% from the first half, with increased contributions across the board.
Energy coal production was down 6% at 99.6m tonnes but higher in the second half as a result of operational and logistical improvements in Australia and South Africa. Steelmaking coal however, was 165% higher on the year at 19.9m tonnes, with a near-fivehold increase in the second half due to strong output at Elk Valley Resources (EVR) in British Columbia.
"2024 was an important year for Glencore, with the acquisition of EVR and shareholder support for the retention of our coal business," said chief executive Gary Nagle.
"Our 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, following the significant growth in our Argentina copper resources base reported in 2023."
Glencore said it plans to update guidance for the 2025-2028 period at its full-year results on 19 February.
The stock was 0.3% lower at 344.55p by 0842 GMT.