Glencore 2022 Production Volumes in Line With Guidance

By Anthony O. Goriainoff

Glencore PLC said Wednesday that its 2022 production volumes were in line with the guidance issued in October.

The FTSE 100-listed commodity mining and trading company said that copper and zinc volumes reflected the base effect of asset sales as well as geotechnical constraints and supply-chain headwinds in Kazakhstan.

Glencore said its copper production fell 12% to 1.1 million metric tons last year compared with guidance of 1.1 million metric tons, plus or minus 20,000 tons.

Copper guidance for 2023 stands at 1.0 million metric tons, plus or minus 30,000 tons.

Cobalt production rose 40%, with zinc down 16% to 938,500 metric tons. Zinc production for the year was expected to be around 945,000 metric tons plus or minus 25,000 tons, the Anglo-Swiss company said

Nickel production was up 5% to 107,500 tons compared with guidance of 110,000 tons, plus or minus 4,000 tons, while ferrochrome increased 1%.

Coal output rose 6% to 110 million tons. Coal production was forecast to be around 110 million tons, plus or minus 4 million tons.

The company said that for 2023 it expects copper production to be around 1.0 million tons, with cobalt around 38,000 tons, zinc around 950,000 tons and nickel of around 112,000 tons.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

February 01, 2023 02:58 ET (07:58 GMT)

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