Glencore says its copper production down 15% in H1

Major global miner and commodity trader Glencore (LSE: GLEN) reported today that its own sourced copper production was 510,200 tonnes in H1 2022, down 15% compared to H1 2021.

The company said that lower copper production was due to ongoing geotechnical
constraints at Katanga, the basis change arising from the sale of Ernest Henry in January 2022, Collahuasi mine sequencing and lower copper units produced within Glencore’s zinc business.

Glencore’s own sourced zinc production was 480,700 tonnes in H1 2022, 17% lower than in H1 2021 reflecting progressive reduction in the South American portfolio through disposals and closures, Covid-19 related absenteeism leading to lower development rates and sequence changes at Mount Isa and somewhat lower Antamina production.

The company’s own sourced nickel production was 57,800 tonnes in H1 2022, up 21% than in H1 2021 reflecting Koniambo operating both production lines in 2022 and Murrin stable operations compared to maintenance in base period.

The company’s attributable ferrochrome production of 786,000 tonnes in H1 2022 was 2% higher than in H1 2021, reflecting consistent smelter performance.

Coal production was 55.4 million tonnes, or 14% higher than in H1 2021, mainly reflecting higher attributable production from Cerrejón, following the acquisition in January 2022 of the remaining two-thirds interest that Glencore did not already own.

Importantly, Glencore said that its full-year 2022 production guidance remains unchanged with the exception of copper, where the ongoing geotechnical constraints relating to Katanga’s open pit and continued management of higher levels of acid-consuming ore, largely account for the reduced guidance of 1,060kt (previously 1,110kt).

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. Glencore companies employ around 135,000 people, including contractors.