Glencore CEO Gary Nagle provides 2024 forecast after meeting guidance

Glencore had a strong H2 performance in 2023.

However, compared to 2022, there was a moderate decrease in copper and zinc volumes. This was primarily due to the disposals of the Cobar copper mine and various South American zinc operations. Nickel volumes also fell by 9% due to higher third-party production at INO and maintenance at Murrin Murrin.

Despite various capacity constraints, coal production saw a 3% increase.

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Looking ahead to 2024, Nagle provided updated guidance:

Copper is expected to be in the 950-1,010kt range, reflecting the sale of Cobar and cobalt market-related adjustments to operating rates at Mutanda.

Zinc guidance is positioned within a similar range at 900-950kt, while nickel production guidance is 80-90kt, excluding Koniambo.

Coal production is forecast to be steady at the guidance range mid-point of 110Mt, excluding any incremental volumes from the recently announced acquisition of a 77% interest in Teck’s steelmaking coal business.

Highlights

Own sourced copper production was 5% lower than 2022, primarily due to the sale of Cobar and lower copper by-product production, while cobalt production was 6% lower than 2022 - mainly due to feed plan adjustments at Mutanda.

Own sourced zinc production was 2% lower than 2022, mainly due to the 2022 disposals of South American zinc operations and the closure of Matagami, and nickel production was 9% lower than 2022 - primarily due to higher INO third party production and a planned shutdown of Murrin Murrin.