Glencore PLC, a global diversified natural resource company, has released its First Quarter Production Report for 2024. The company's Chief Executive Officer, Gary Nagle, stated that the full-year production guidance remains unchanged from the beginning of the year. The report highlighted that first-quarter copper, zinc, and coal production was broadly in line with the prior year, while nickel production increased by 14%, reflecting recovery from the Raglan strike impacts in the base period. However, lower year-on-year cobalt and ferrochrome volumes primarily reflect market-related production adjustments in the DRC and the decision to idle the Rustenburg ferrochrome smelter in the current price environment.
The report provided a detailed breakdown of production highlights for the first quarter of 2024, including own sourced copper, cobalt, zinc, lead, nickel, gold, silver, ferrochrome, and coal production. It also outlined the production guidance for the year, which remains unchanged from the previous announcement in the full-year 2023 Production Report.
Glencore's production guidance for 2024 includes key commodities such as copper, cobalt, zinc, nickel, ferrochrome, and coal. The company's Marketing Adjusted EBIT is expected to be in the range of $3.0-$3.5 billion for the full year, reflecting cyclically elevated interest rates. The report also provided information on the company's global network of assets, customers, and suppliers, spanning over 35 countries, and its support for the global effort to achieve the goals of the Paris Agreement through decarbonization efforts.
Overall, the First Quarter Production Report provides a comprehensive overview of Glencore's production performance, highlighting key achievements and challenges in various commodities, while reaffirming the company's commitment to supporting decarbonization and meeting the energy needs of today.
For further details, the full report can be accessed on Glencore's official website.