Glencore production falls but guidance held

(Sharecast News) - Glencore reported a fall in production but reiterated annual trading profits and the commodities company would come in above its long-term guidance. The mining and trading giant said copper, nickel and cobalt output were all lower last year and indicated there would be falls in the latter two in 2024.

Copper production fell 5% to 1.01 million metric tonnes, below guidance of 1.04 million. It now expects output of 950,000 - 1.01 million this year, after selling the Cobar mine in Australia.

Nikel production fell below guidance to 97,600 tonnes of nickel in 2023, with current-year production guidance of 80,000 - 90,000 tonnes.

Cobalt production fell 6% to 41,300 tonnes. The company expects this to be between 35,000 - 40,000 tons this year.

Glencore said earnings before interest and tax from its trading division would be $3.5bn, above its long-term guidance of $2.2bn - $3.2bn.

Reporting by Frank Prenesti for Sharecast.com