Glencore PLC's Chief Executive Officer, Gary Nagle, has announced that the company has maintained its full-year 2024 production guidance and added additional steelmaking coal volumes in H2 2024 following the successful closing of the EVR acquisition on 11 July 2024. The company anticipates 2024 to be a year of two halves, with higher production levels expected in the second half of the year. This includes increased production in African Copper, Antapaccay, Kazzinc, and Murrin Murrin. The company has updated its 2024 steelmaking coal production guidance to 19Mt-21Mt, including 12Mt of expected EVR volumes in H2.
Glencore is currently consulting with shareholders to assess their views regarding the potential demerger of its coal and carbon steel materials business, with an expected announcement alongside the interim results next week. The company has also provided a detailed breakdown of its H1 2024 production highlights, including copper, cobalt, zinc, lead, nickel, gold, silver, ferrochrome, steelmaking coal, and energy coal. The report also includes the company's production guidance for 2024, which remains unchanged from the previous announcement, except for adjustments related to the recently-acquired EVR operations.
Additionally, Glencore expects to report a meaningful reduction in net working capital for H1 2024, contributing to an expected decline in reported Net Debt over the period. The company has also sold its stake in Volcan and received final regulatory approval for the acquisition of a 77% interest in EVR from Teck Resources. The transaction closed on 11 July 2024, and the forward-looking production guidance has been adjusted to separate steelmaking and energy coal. For more detailed information, the full report is available on Glencore's website.