Glencore PLC has released its Full Year 2023 Production Report, which outlines the company's performance across key commodities such as copper, zinc, nickel, and coal. The report, presented by Glencore Chief Executive Officer, Gary Nagle, highlights that the 2023 production was in line with the revised guidance, with stronger second-half volumes delivered across key commodities. The report also provides updated guidance for 2024, including production ranges for copper, zinc, nickel, and coal.
The production report indicates that compared to 2022, there were moderately lower year-on-year copper and zinc department managed production volumes, primarily reflecting disposals of the Cobar copper mine and various South American zinc operations. Nickel volumes fell 9%, owing to higher third-party production at INO and Murrin Murrin maintenance. Coal production was 3% higher, despite numerous capacity constraints such as weather, blockades, and logistics that impacted the base period.
The updated guidance for 2024 includes copper production in the 950-1,010kt range, zinc guidance within a similar range at 900-950kt, nickel production guidance at 80-90kt, and coal production forecasted to be steady at the guidance range mid-point of 110Mt. The report also mentions the acquisition of a 77% interest in Teck's steelmaking coal business, currently going through approval processes, which could potentially contribute incremental volumes.
The report also provides a breakdown of the production from own sources for 2023, including copper, cobalt, zinc, lead, nickel, gold, silver, ferrochrome, and coal. It also includes realized prices for copper, zinc, and nickel, as well as production highlights and unit cost guidance for thermal coal, copper, zinc, and nickel.
In summary, the Full Year 2023 Production Report from Glencore PLC provides a comprehensive overview of the company's performance across various commodities, offering insights into production volumes, guidance for 2024, realized prices, production highlights, and unit cost guidance.