Switzerland-based diversified metals miner Glencore achieved production guidance across all its commodities for the year to end-December after delivering a stronger operational performance in the second half.
The second half saw the group growing its steelmaking coal business through the acquisition of Canadian miner Elk Valley Resources (EVR) in July.
EVR contributed 12.5-million tonnes to Glencore’s output, resulting in a nearly fivefold increase in steelmaking coal production from the first half, while logistical improvements in Australia and SA supported a 5.2-million tonne increase in energy coal output, the group said in a statement on Thursday.
Copper production in the second half rose by 6% compared to the first six months as the Peruvian Antapaccay mine recovered from geotechnical issues early in the year and Democratic Republic of Congo’s Kamoto Copper Company experienced higher grades.
Zinc production jumped 17% in the second half, with increased output from Kazzinc in Kazakhstan, the Australian Mount Isa and the Peruvian Antamina mines.
“2024 was an important year for Glencore, with the acquisition of EVR and shareholder support for the retention of our coal business,” CEO Gary Nagle said.
“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 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.”
On an annualised basis, however, Glencore reported declining output across all commodities except lead, which rose by 2% in the year.
Copper output was down 6% year on year at 951.6 kilotonnes, while cobalt was 8% lower, zinc fell 1%, nickel declined 16% and energy coal was down 6%.
Precious metals production was also lower than the previous year, with gold down 1% and silver declining 4%.
The group will release its annual results on February 19, which will include updated guidance covering production and capex for the 2025/28 period.
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