Glencore Chief Executive Officer, Gary Nagle:

“Our full year production guidance remains unchanged from that presented at the beginning of the year. First quarter copper, zinc and coal production was broadly in line with the prior year comparable period, while nickel increased 14%, reflecting recovery from the Raglan strike impacts in the base period. Lower year-on-year cobalt and ferrochrome volumes primarily reflect the previously announced market-related production adjustments in the DRC and the decision to idle our Rustenburg ferrochrome smelter in the current price environment.

“Basis Marketing’s performance over the first quarter, we currently expect full year Marketing Adjusted EBIT in the $3.0-$3.5 billion range, being around the top end of our long-term $2.2-3.2 billion p.a. guidance range, reflecting cyclically elevated interest rates.”

Production from own sources – Total1
Q1 2024 Q1 2023 Change %
Copper kt 239. 244.1 (2)
Cobalt kt 6.6 10.5 (37)
Zinc kt 205.6 205.3 –
Lead kt 43.8 39.3 11
Nickel kt 23.8 20.9 14
Gold koz 201 187 7
Silver koz 4,520 4,525 –
Ferrochrome kt 297 400 (26)
Coal mt 26.6 26.9 (1)

1. Controlled industrial assets and joint ventures only (excludes Volcan). Production is on a 100% basis, except as stated later in this report.

Q1 production highlights
see & read more on
https://www.glencore.com/media-and-insights/news/first-quarter-production-report-2024