Glencore has maintained its 2024 production guidance during the September quarter while delivering an increase in steelmaking coal volumes.
The company’s steelmaking coal volumes increased to 11.1 million tonnes (Mt), a substantial 113 per cent increase from the same period in 2023.
The uptake was credited by Glencore chief executive officer Gary Nagle to the company’s 77 per cent stake in Elk Valley Resources (EVR), Teck Resources’ steelmaking coal subsidiary, which it acquired in July. During the September quarter, 5.7Mt of steelmaking coal was produced by Glencore.
Other quarterly highlights for Glencore include its copper production sequentially increase by nine per cent to 242,600 tonnes (t), which reflected the progressive recovery at the Antapaccay mine in Peru following a geotechnical event in the first half of the year.
The copper increase was also caused by higher feed grades at the Collahuasi mine in northern Chile and improved production levels at Glencore’s operations in the Democratic Republic of Congo: Mutanda Mining – which Glencore fully owns – and Kamoto Copper Company, which Glencore owns a 75 per cent stake in.
Glencore also delivered a seven per cent zinc production increase during the quarter, with the amount rising to 226,400t thanks to the ramp up at the Zhairem operation, which Glencore owns almost 70 per cent of.
The company’s ferrochrome production of 894,000t was broadly in line with the comparable 2023 period.
While Glencore saw production decreases in cobalt, nickel and silver for the quarter, Nagle said the company’s 2024 guidance remains unchanged.
“(Based on marketing’s) performance year to date, we continue to expect full year marketing adjusted EBIT (earnings before interest and taxes) in the $3–$3.5 billion range, being around the top end of our long-term $2.2–3.2 billion per annum guidance range,” he said.
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