Glencore, the world's largest miner by revenue, has reported its full-year production figures for various metals and minerals. While there was a decline in most metals and minerals, coal and gold output saw an increase, reaching the annual targets set by the company.
Copper Output and Zinc Volumes
In 2023, Glencore's copper output decreased by 5% to 1.01 million metric tons compared to the previous year. The decline was primarily due to the disposal of a copper mine. The company had anticipated a production range of 1.01 million to 1.07 million tons.
Zinc volumes also witnessed a decrease of 2% to 918,500 tons. This decline was a result of the disposal of various zinc operations in South America.
Coal Production Rises Despite Challenges
Despite facing several capacity constraints such as adverse weather conditions, blockades, and logistical issues, Glencore managed to achieve a 3% increase in coal production. The total coal output for the year amounted to 113.6 million tons.
Cobalt, Nickel, and Ferrochrome Production
Glencore experienced a decline in the production of cobalt, nickel, and ferrochrome. Cobalt production fell by 6%, nickel production by 9%, and ferrochrome production by 22%.
Significant Rise in Gold Production
On a positive note, Glencore saw a significant increase of 13% in gold production, amounting to 747,000 tons.
Future Outlook
The company expects its marketing adjusted earnings before interest and taxes (EBIT) for 2023 to reach approximately $3.5 billion.
Looking ahead to 2024, Glencore has set production targets including between 950,000 and 1.01 million tons of copper, between 105 million and 115 million tons of coal, and between 900,000 and 950,000 tons of zinc.
While Glencore's overall production figures demonstrate a mixed outcome, the company remains optimistic about its future prospects in the mining industry.
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