|
Glencore PLC reported on Wednesday it had tightened its annual production guidance after delivering ‘strong’ performance for the first nine months of this year. Copper production for the Barr, Switzerland-based commodity trading and mining company was 583,500 tonnes for the nine months that ended September 30, from 705,200 tonnes a year before, hurt mainly by lower head grades and recoveries. For nine months, steelmaking coal more than doubled to 24.7 million tonnes from 11.1 million, thanks to the Elk Valley Resources acquisition. Glencore completed its Elk Valley Resources transaction in July last year. Energy coal output inched up to 73.5 million tonnes from 73.1 million, reflecting stronger Australian volumes, which offset the voluntary Cerrejon production cuts announced in March this year. Cerrejon is an open-pit coal mine in Colombia. But ferrochrome production more than halved to 436,000 tonnes from 894,000. Gold production fell 17% to 448,000 ounces from 543,000, while silver output rose 6.1% to 14,818 ounces from 13,965. Cobalt output rose 7.5% to 28,500 tonnes from 26,500, and zinc production grew by 10% to 709,400 tonnes from 643,600. However, lead production fell 2.6% to 132,700 tonnes from 136,200, while nickel output decreased 16% to 52,400 tonnes from 62,300. In its revised guidance, Glencore tightened copper production estimate to between 850,000 tonnes and 875,000 in 2025, from between 850,000 and 890,000 predicted previously. Copper output was 951,600 tonnes in 2024. Steelmaking coal production guidance remains unchanged at between 30 million tonnes and 35 million in 2025, from 19.9 million tonnes in 2024. But energy coal output is revised to between 92 million tonnes and 97 million in 2025, from a range of 90 million tonnes and 96 million, compared to 99.6 million tonnes in 2024. Cobalt production guidance is tweaked to between 41,000 tonnes and 43,000 from between 42,000 tonnes and 45,000. It was 38,200 tonnes in 2024. Zinc production is estimated at between 950,000 tonnes and 975,000 in 2025, from between 940,000 tonnes and 980,000. It was 905,000 tonnes in 2024. Glencore shares were up 3.6% to R 83.24 each on Wednesday morning in Johannesburg. London opens at 1000 SAT. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
