Glencore’s copper production was 26,000 tonnes (t) higher in the second half (H2) of 2024, due to Antapaccay’s recovery from geotechnical issues in H1 and higher grades at Kamoto Copper Company (KCC).
Volumes in H2 jumped up to 71,000t for zinc, reflecting increased contributions across the board including from Kazzinc in Kazakhstan, Mt Isa in Queensland and Antamina in Peru.
In line with operational and logistical improvements in Australia and South Africa, energy volumes increased to 5.2 million tonnes (Mt) in H2, while steelmaking coal added 13.1Mt reflecting the 12.5Mt contribution from company EV Resources (EVR).
“2024 production volumes were delivered within our guidance ranges (unchanged from the beginning of the year), reflecting stronger second half performances across our key commodities,” Glencore chief executive officer Gary Nagle said.
Along with this comes Glencore’s acquisition of EVR and shareholder support for the retention of its coal business.
Nagle said 2024 was an important year for Glencore.
“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 and steelmaking coal via the acquisition of EVR, following the significant growth in our Argentina copper resources base reported in 2023,” he said.
“Updated guidance covering production and capex for the 2025–28 period, as well as 2025 unit cost guidance, will be provided alongside the release of our 2024 preliminary results on February 19.”
In recent news, there were reported talks about Glencore and Rio Tinto potentially merging late last year, but the talks are no longer active, according to a source revealed to Bloomberg.
If successful, the merger would create the world’s largest listed mining company, although neither company has commented on the matter.
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