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Glencore’s production of copper, zinc, nickel, silver and coal declined in Q1 2023

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Glencore announced yesterday that in Q1 2023, its own sourced copper production was 244,100 tonnes, 5% lower than Q1 2022, largely due to planned lower grades in line with the phasing of the pit at Collahuasi and delays associated with adverse weather conditions at Antamina.

Own sourced zinc production of 205,300 tonnes was 15% lower than Q1 2022, reflecting the disposal of South American zinc operations and the closure of Matagami in 2022, temporary suspension of operations due to wet weather at Antamina and McArthur River temporarily processing lower-grade feedstocks in accordance with its mine plan.

The company’s own sourced cobalt production in Q1 2023 of 10,500 tonnes was 8% higher than Q1 2022. Own sourced nickel production of 20,900 tonnes was 32% lower than Q1 2022, primarily reflecting INO prioritizing third party feed. Attributable ferrochrome production of 400,000 tonnes was 3% above Q1 2022.

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Coal production of 26.9 million tonnes was 6% lower than Q1 2022, mainly reflecting the short-term impact of a community blockade at Cerrejón and mining around geological anomalies in South Africa.

The company also reported Q1 2023 own sourced gold production of 187 koz (Q1 2022: 189 koz) and own sourced silver production of 4,525 koz (Q1 2022: 6,515 koz).

CEO Gary Nagle commented, “First quarter production was broadly in line with our expectations, accounting for portfolio changes and operational conditions, including the disposals / closures of some zinc and lead mines in the Americas during 2022. Full year production guidance is unchanged from that presented at Glencore’s investor presentation in December 2022.”

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. Glencore companies employ around 140,000 people, including contractors. Glencore’s ambition is to be a net zero total emissions company by 2050.


Source: Kitco

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