Mining giant Glencore has maintained its full year production guidance across all commodity groups, after reporting lower metal production for the first nine months of the year, while coal output was boosted by the acquisition of Elk Valley Resources.
"Our full-year 2024 production guidance has again been maintained and reflects the additional steelmaking coal volumes that have contributed to our portfolio since closing of the EVR transaction on 11 July 2024," Glencore chief executive Gary Nagle said. "During the current quarter, key anticipated quarterly sequential production improvements have been achieved, notably at African Copper +6kt , Antapaccay +9kt , Kazzinc +13kt , Murrin Murrin +1kt and Australian energy coal +3.
Copper production in the September quarter was 242,600t, up by 19,700t from the previous quarter, which Glencore ascribed to a recovery in output from Antapaccay, following a geotechnical event in the first half, as well as higher feed grades at Collahuasi and improved production in the DRC operations.Cobalt production eased by 18% to 26,500t, due to planned lower run-rates at Mutanda in response to lower cobalt prices. Full year cobalt production guidance was unchanged at 35-40,000t.
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