According to a report from October 30, Glencore announced on Wednesday that copper, cobalt, zinc, nickel, and thermal coal production dropped during the first nine months of the year. However, the company reaffirmed its trading profit is expected to reach the high end of its long-term range of $3.5 billion.
The company’s own copper production dropped by 4% to 705,200 tons, while its cobalt production from self-owned sources fell by 18% to 26,500 tons.
Glencore maintained its outlook for 2024 copper production in the range of 950,000-1,010,000 tons.
In 2022, Glencore’s trading division recorded a record profit of $6.4 billion, including coal, oil, LNG, and related products, as well as metals. The company expects its full-year EBIT from marketing activities to be between $3.0 and $3.5 billion, near the high end of its long-term estimated range of $2.2 to $3.2 billion.
Following its acquisition of Teck Resources’ coking coal assets, Glencore retained its coal business, which investors consider to generate substantial returns.
The company’s CEO, Gary Nagle, mentioned in August that further acquisitions in coking coal could be considered.
As one of the world’s largest thermal coal producers and exporters, Glencore expects its coal output this year to range between 98 and 106 million tons. So far, thermal coal production has reached 73.1 million tons, down 7% year-on-year.
After completing its acquisition, Glencore’s coking coal production in 2024 is expected to increase from 7-9 million tons to 19-21 million tons.
[Source – 上海有色网] 嘉能可今年前9个月金属产量减少 但维持利润前景 https://news.smm.cn/news/103017909
