Glencore (LSE: GLEN) reported mixed performance for the first quarter of 2024, with copper and cobalt production falling but nickel output rising. Despite this, the company has maintained its annual production guidance for all metals.
Copper production dipped 2% year-on-year to 239,700 tonnes, while cobalt output significantly slumped by 37% to 6,600 tonnes. This was attributed to lower run-rates at the Mutanda mine in Congo due to weak cobalt prices.
Nickel production witnessed a positive rise of 14% to 23,800 tonnes, recovering from supply chain constraints experienced in the previous year. Glencore also expects to see an increase in full-year nickel production of between 80,000 and 90,000 tonnes, compared to 2023.
The company’s full-year production guidance remains unchanged for all other metals, including copper, coal, ferrochrome and zinc. Glencore also forecasts adjusted earnings before interest and tax (EBIT) of $3.0 billion to $3.5 billion for its Marketing division in 2024, down slightly from $3.5 billion in 2023.
Glencore’s share price remained flat on Tuesday morning, trading at around 473.50 pence.
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