https://www.engineeringnews.co.za
Africa|Business|Coal|Copper|Mining|Power|Road|supply-chain|Maintenance|Environmental|Operations
Africa|Business|Coal|Copper|Mining|Power|Road|supply-chain|Maintenance|Environmental|Operations
africa|business|coal|copper|mining|power|road|supply chain|maintenance|environmental|operations

Full-year Glencore production guidance remains largely in line

Glencore chrome ore conveyance.

Glencore chrome ore conveyance.

30th October 2023

By: Martin Creamer

Creamer Media Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Full-year 2023 production guidance of London- and Johannesburg-listed diversified mining and marketing company Glencore remains largely in line with previous guidance.

An exception is nickel, guidance for which has been reduced to reflect maintenance outages at the Sudbury smelter in Canada and a longer than expected recovery from 2022 strike action at Raglan in Canada, together with a lower full-year revision for Koniambo Nickel mine in New Caledonia.

Own sourced nickel production of 68 400 t was a 16% lower 13 200 t than in the first nine months of last year, primarily reflecting higher third-party production versus own-sourced, in large part necessitated by the strike at Raglan mine in 2022.

Ferrochrome production of 873 000 t was a 21% lower 237 000 t owing to additional smelter off-line days during the three-month high electricity demand winter season, a period of elevated power prices, as well as load curtailments in South Africa. Chrome ore mining production is expected to be only modestly below 2022 levels, however.

Over the first nine months of the year, production performance from the company’s underlying base business was described by Glencore CEO Gary Nagle as being solid, with key copper, coal and zinc assets performing in line with expectations and previously communicated guidance.

In the marketing segment, Glencore continues to expect adjusted earnings before interest and tax to be above the top end of its yearly $2.2-billion to $3.2-billion long-term guidance range. A likely outcome, the company stated, is within the previously communicated $3.5-billion to $4-billion range.

Own sourced copper production of 735 800 t was 5% lower than the comparable 2022 period on the sale of Cobar in June and lower copper by-product production outside the copper department.

Also in line with the first nine months of last year was own sourced cobalt production of 32 500 t.

Own sourced zinc production of 672 100 t was 4% lower than the comparable 2022 period, reflecting mainly the disposals of South American zinc operations and the closure of the Matagami operation in Canada, offset by stronger production from Kazzinc (Zhairem) in Kazakhstan, and Antamina in Peru.

Coal production of 83.9-million tonnes was broadly in line with the comparable 2022 period. South African thermal coal production of 13.3-million tonnes was 5% higher on improved productivity.

Changes in guidance mainly reflect nickel being down 9% and ferrochrome being down 8%.

The emphasis that Glencore is placing on the circular economy was highlighted again at last month’s FT Mining Summit in London, amid Glencore taking several steps along the busying material recovery road through the establishment of localised circular supply chain partnerships to increase material availability in a world where environmental protection is becoming paramount.

Edited by Creamer Media Reporter

Comments

Showroom

SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

SEW-EURODRIVE at Nampo 2024
SEW-EURODRIVE at Nampo 2024
21st May 2024
Uniclox at Nampo 2024
Uniclox at Nampo 2024
21st May 2024
Dachser South Africa at Nampo 2024
Dachser South Africa at Nampo 2024
21st May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.566 0.626s - 141pq - 2rq
Subscribe Now