Glencore's Base Metals and Cobalt Output Dips in 2024

Glencore

Glencore's 2024 production of copper, zinc, and cobalt saw slight declines, while nickel production experienced a more significant drop. Ferro-chrome output remained relatively stable.

Copper, Zinc, and Cobalt Production Declines

Glencore's copper output fell 6pc to 951,600t, hitting the lower end of its guidance. This decline resulted from planned lower production at Antapaccay and Collahuasi, alongside unplanned downtime and reduced grades at KCC. Zinc production decreased 1pc to 905,000t, primarily due to lower Antamina output. This was partially offset by increased production at Zhairem. Cobalt production dropped 8pc to 38,200t, attributed to expected lower grades at Mutanda.

Nickel Production Significantly Reduced

Nickel production saw a 16pc decrease to 82,300t. This was largely due to the Konaimbo operation transitioning to care and maintenance. Higher production at Murrin Murrin partially mitigated the impact. Ferro-chrome production remained nearly unchanged, with a slight increase to 1.2mn t. Glencore will provide its 2025 production guidance on February 19th.