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Mixed third quarter results for Glencore

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Glencore has released its September 2023 quarter production report, where the results across a range of commodities were mixed.

“We are pleased to report a solid production performance from our underlying base business over the first nine months of the year, where our key copper, coal and zinc assets performed in line with expectations and previously communicated guidance,” Glencore chief executive officer Gary Nagle said.

The major miner reported that 735,800 tonnes (t) of copper was produced during the period, a five per cent decrease compared to the same period last year. Glencore said the result reflects the sale of its Cobar copper mine in June, as well as lower copper by-product production outside its copper department.

Production of zinc, nickel and ferrochrome also saw decreases; 672,100t of zinc, 68,400t of nickel and 873,000t of ferrochrome represent a four per cent, 16 per cent and 21 per cent decrease respectively from the same period during 2022.

However, Glencore’s 32,500t of cobalt was in line with the comparable 2022 period, as was its 83.9 million tonnes of coal.

“Full year 2023 production guidance for copper, zinc, coal and cobalt remains in line with previous guidance, however nickel has been reduced to reflect, within the INO (integrated nickel operations) business, maintenance outages at the Sudbury smelter and a longer than expected recovery from 2022 strike action, together with a lower full-year revision for Koniambo,” Nagle said.

“Ferrochrome production has also been marked lower, due to additional smelter off-line days on account of electricity pricing and load curtailments in South Africa, however chrome ore mining production is expected to only be modestly below 2022 levels.”

Glencore was recently named as one of the major miners that’s supporting Minerals Council of Australia’s campaign against proposed industrial relations reforms such as the ‘Same Job, Same Pay’ Bill.

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