Glencore production declines, 2024 guidance mixed

Commodities giant Glencore (LSE: GLEN) reported broadly lower production in 2023 across its mining assets, apart from gains in coal and gold output. However, the company stated that the performance aligned with internal expectations.

The diversified miner saw copper production fall 4.5% last year, while ferrochrome plunged 22% due to planned smelter downtime. Zinc, lead, nickel, silver, and cobalt also posted declines. Meanwhile, coal rose 3.3% on productivity improvements and easing external constraints. Gold jumped 13% higher.

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Glencore chief executive Gary Nagle said 2023 volumes were in line with revised guidance, with a stronger second half across key units like copper and zinc. Looking ahead, 2024 production guidance is mixed – copper set to recover but cobalt to retreat further.

Shares in the FTSE 100 firm were unchanged in early trading. The stock has dropped 21% over the past year amid a commodities price pullback.