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(Kitco News) - Global mining and metals firm Glencore (LSE: GLEN) announced Friday that in H1 2023, its own sourced copper production was 488,000 tonnes, 4% lower than H1 2022.
The company said that lower copper output was due to expected mining sequences at Collahuasi and Antamina and lower copper by-products outside the Copper department.
Glencore’s own sourced cobalt production of 21,700 tonnes in H1 2023 was 5% higher than H1 2022, reflecting improved recoveries at Katanga.
Own sourced zinc production of 434,700 tonnes was 10% lower than H1 2022, mainly reflecting the 2022 disposals of South American zinc operations and the closure of Matagami.
The company’s own sourced nickel production of 46,400 tonnes was 20% lower than H1 2022, primarily reflecting higher INO third party production (versus own sourced), in large part necessitated by the strike at Raglan mine in 2022.
Attributable ferrochrome production of 717,000 tonnes was 9% below H1 2022 due to planned additional smelter offline days. Coal production of 54.2 million tonnes was broadly in line with H1 2022.
The company also produced 369 koz of gold (H1 2022: 334 koz) and 9,446 koz of silver (H1 2022: 12,579 koz).
Glencore said that its full year 2023 production guidance remains unchanged from that presented in the company’s Q1 2023 production report and December 2022 investor update.
Importantly, the company noted that it continues to expect a full year 2023 adjusted EBIT outcome above the top end of its $2.2-3.2 billion p.a. long-term guidance range, likely in the $3.5-4.0 billion range.
CEO Gary Nagle commented, "We are pleased to report a solid first-half production performance from our underlying base business, where our key copper, coal and zinc assets performed in line with expectations and previously communicated guidance.
“Our full year production guidance remains unchanged from earlier guidance. Second half volume weightings in copper, zinc and nickel reflect higher expected production volumes from Collahuasi, Kazzinc, Mount Isa and INO."
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.
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