Despite reporting lower production from own sources for most of the commodities it mines for the 2024 financial year, diversified miner Glencore CEO Gary Nagle says output was in line with guidance.
Significantly, the miner’s steelmaking coal production increased by 165% year-on-year to 19.9-million tonnes.
Glencore attributes the increase in steelmaking coal to the 12.5-million tonnes produced at Elk Valley Resources (EVR), in Canada, which Glencore acquired in July 2024.
Australian steelmaking coal production was, meanwhile, consistent year-on-year, at 7.4-million tonnes, the miner points out.
“2024 was an important year for Glencore, with the acquisition of EVR and shareholder support for the retention of our coal business,” Nagle says.
Energy coal production of 99.6-million tonnes was, however, 6% lower year-on-year, reflecting the progressive impact of scheduled mine closures, longwall moves in Australia, export rail constraints in South Africa and a combination of permit delays, community blockades and unusually heavy rain at Cerrejón, in Colombia.
Glencore’s copper output, meanwhile, also decreased by 6% year-on-year to 951 600 t, while cobalt production decreased by 8% year-on-year to 38 200 t.
The lower copper production reflected lower planned production at Antapaccay, in Peru, and Collahuasi, in Chile, and was further impacted by geotechnical-related delays at Antapaccay and lower grades and unplanned mill downtime at Kamoto Copper Company, in the Democratic Republic of Congo (DRC).
The lower cobalt production, meanwhile, reflected expected lower grades at Mutanda, in the DRC.
Further, Glencore’s zinc production decreased by 1% year-on-year to 905 000 t, reflecting lower zinc tonnes from Antamina, in Peru, but offset by the ramp-up of Zhairem, in Kazakhstan.
Nickel output decreased by 16% year-on-year to 82 300 t, owing to the transition to care and maintenance at Koniambo, in New Caledonia, early in the year. That was offset by increased production at Glencore’s Integrated Nickel Operations, in Canada, and at Murrin Murrin, in Australia.
Ferrochrome production, meanwhile, was flat year-on-year at 1.17-million tonnes, while lead output increased by 2% year-on-year to 185 900 t.
Glencore will update the market on its production guidance for 2025 when it publishes its 2024 financial year results on February 19.
