The Strategist

Glencore lowers copper output by 5% in 9 months



10/31/2023 - 06:30



One of the biggest mining conglomerates in the world, Glencore, reduced its output of copper by 5% to 736 thousand tons in the first nine months of 2023, confirming the metal's annual projection.



Carbon Arc
Carbon Arc
The decrease is a result of reduced copper recovery as a by-product metal and the June 2023 sale of Australia's Cobar mine. Glencore continues to anticipate 1.04 million tons of production, with variations of up to 30,000 tons in either direction.

The amount of nickel produced fell by 16% to 68.4 thousand tons. Glencore has lowered its predicted annual nickel production from 112 thousand tons (with a 5-thousand-ton variance) to 102 thousand tons (with a 4-thousand-ton deviation). The protracted recovery of Raglan productivity following the 2022 strike, the maintenance outage at the Sudbury plant, and the modification of production at the Koniambo deposit account for the drop.

Output of zinc decreased by 4% to 672.1 thousand tons, while output of coal increased by 2% to 83.9 million tons. Production of cobalt decreased by 2% to 32.5 thousand tons. All of the annual estimates came true. The ferrochrome prediction was lowered from 1.31 million tons (with a 30-thousand-ton variance) to 1.2 million tons (with a 30-thousand-ton deviation).

source: bloomberg.com

 




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