Glencore Backs Full-Year View After 1st Half Copper Production Slipped but Met Expectations

   By Christian Moess Laursen

Glencore on Friday backed its full-year guidance after copper production slipped but largely met expectations in the first half of the year, with falls in zinc and nickel output and increases in cobalt and gold production.

The Anglo-Swiss commodity mining and trading produced 488,000 metric tons of copper in the half-year, a 4.4% decline from 510,200 tons in the first half of 2022, consistent with the company's expectations around mining sequences at Collahuasi and Antamina mines in South America, and lower copper by-products outside the copper department, it said.

Zinc production fell 10% to 434,700 tons from 480,700 tons a year prior, reflecting the disposals of South American zinc operations and the closure of the Matagami mine.

Nickel production dropped 20% to 46,400 tons in the period.

The FTSE 100-listed multinational miner backed its full-year production and financial guidance.

"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," Chief Executive Gary Nagle said.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 21, 2023 02:42 ET (06:42 GMT)

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