Glencore on Thursday reported lower copper, cobalt, zinc, nickel and thermal coal production in 2024, in line with guidance.
The company said it produced 951,600 metric tons of copper in 2024, down 6% from 1.01 million tons in 2023, the lower end of its outlook of between 950,000 and 1.01 million tons.
Copper is used in electric vehicle wiring and batteries, green energy plants and data centres. Grade erosion at existing mines is expected to exacerbate a predicted supply gap caused by rising demand for the energy transition.
Glencore said it will provide production guidance for 2025 and beyond at its annual financial results on Feb. 19.
It had previously said it expects its full-year marketing earnings before interest and tax (EBIT) in the $3 billion-$3.5 billion range, around the top end of its long-term forecast range of $2.2 billion-$3.2 billion.
The trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.
The miner has kept its coal business after concluding the purchase of Teck Resources’ coking coal assets and securing backing from a majority of its investors who see lucrative earnings from the fossil fuel.
Its 2024 steelmaking coal production increased to 19.9 million tons from 7.5 million tons.
Glencore is one of the largest producers and exporters of thermal coal, mining 99.6 million tons in 2024, down from 106.1 million tons in 2023.
(Reporting by Clara Denina; Editing by Jan Harvey)
