(Alliance News) - Glencore PLC on Tuesday said it had maintained its annual production guidance unchanged as the diversified miner posted mixed performance in the first quarter of 2024.
The Barr, Switzerland based multinational commodity trading and mining company said copper production fell 2% to 239,700 tonnes for the first three months that ended March 31, from 244,100 tonnes in the same quarter a year earlier.
Over this period, nickel output rose 14% to 23,800 tonnes from 20,900 tonnes, largely due to recovery from its Sudbury Integrated Nickel Operations supply chain constraints seen a year before.
Coal production was slightly down 1% to 26.6 million tonnes from 26.9 million tonnes, while ferrochrome output declined 26% to 297,000 tonnes from 400,000 tonnes, as the Rustenburg smelter in South Africa remains idled pending improved prices.
For the January to March period, zinc production was flat at 205,600 tonnes from 205,300 tonnes, but lead production grew 11% to 43,800 tonnes from 39,300 tonnes.
Cobalt production slumped 37% to 6,600 tonnes from 10,500 tonnes, reflecting partly planned lower run-rates at Mutanda mine in the Democratic Republic of the Congo as a result of depressed prices.
Gold production rose 7% to 201,000 ounces in the first quarter, from 187,000 ounces, while silver output held steady at 4,520 ounces, compared to 4,525 ounces.
Glencore Chief Executive Officer Gary Nagle said full-year production guidance remains unchanged.
For 2024, Glencore guides for copper production of between 950,000 and 1.01 million tonnes versus 1.01 million tonnes in 2023.
Coal output for 2024 is forecast at between 105 million and 115 million tonnes, from 113.6 million tonnes.
Full-year guidance for ferrochrome is between 1.1 million and 1.2 million tonnes, from 1.16 million tonnes. Cobalt output is expected at between 35,000 and 40,000 tonnes, compared to 41,300 tonnes.
Annual zinc production is likely to range between 900,000 and 950,000 tonnes versus 918,500 tonnes, while that of nickel is projected at between 80,000 and 90,000 tonnes, against 97,600 tonnes.
Glencore expects to report adjusted earnings before interest and tax of between USD3.0 billion and USD3.5 billion in 2024 for its Marketing division, from USD3.5 billion in 2023.
By Artwell Dlamini, Alliance News reporter
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