Glencore, the Anglo-Swiss commodity mining and trading company, has confirmed its full-year guidance despite a slight decline in copper production during the first half of the year. While there were decreases in zinc and nickel output, cobalt and gold production saw increases.
In the first half of the year, Glencore produced 488,000 metric tons of copper, representing a 4.4% decline from the same period in 2022 when it produced 510,200 tons. The decrease can be attributed to mining sequencing at Collahuasi and Antamina mines in South America, as well as lower copper by-products outside the copper department.
Zinc production decreased by 10% to 434,700 tons compared to 480,700 tons in the previous year. This decline is largely due to the disposals of South American zinc operations and the closure of the Matagami mine.
During the period, nickel production dropped by 20% to 46,400 tons.
Despite these decreases in certain commodities, Glencore remains confident in meeting its full-year production and financial targets. Gary Nagle, the company’s Chief Executive, expressed satisfaction with the first-half production performance of their underlying base business, highlighting the solid performance of key assets such as copper, coal, and zinc.